Generali completes sale of US business to Scor for $910 mln

MILAN Tue Oct 1, 2013 12:46pm EDT

MILAN Oct 1 (Reuters) - Assicurazioni Generali, Italy's biggest insurer, said on Tuesday it had completed the sale of its U.S. life reinsurance business to France's Scor for total gross proceeds expected to be $910 million.

In June, Generali said it had agreed to sell the assets to Scor for $920 million.

The deal is part of Generali's strategy to dispose of non-core assets to shore up capital.

Earlier this year, Generali's chief executive Mario Greco pledged to raise 4 billion euros ($5.41 billion) from non-core asset sales by 2015.

Generali said in a statement it had received a cash component of $779 million on Tuesday, adding $131 million of cash collateral was expected to be completed on Wednesday.

The deal corresponded to an implied multiple of 15 times 2012 earnings, Generali said.