Generali has agreed to sell its Irish and Northern Irish property and casualty (P&C) operations, operated under the RedClick brand through Generali Spain’s Irish and UK branches, to Zurich Insurance Europe AG and Zurich Insurance Company Ltd, UK Branch, both part of the Zurich Insurance Group.
The cash transaction is valued at €337m ($362m), with Generali Spain retaining an additional €51m ($55m) in excess capital currently allocated to the Irish P&C operations. The deal is aligned with Generali’s strategic focus on core markets where it holds scale and a leading position, under its “Lifetime Partner 27: Driving Excellence” plan.
Generali expects the sale to generate a capital gain, which will be finalised upon completion, with only an immaterial impact on adjusted EPS and an estimated +1p.p. effect on the Group’s Solvency II ratio. Completion of the transaction remains subject to customary regulatory approvals.
BofA Securities served as sole financial advisor to Generali, while Clifford Chance LLP and A&L Goodbody LLP acted as legal advisors.
