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Assicurazioni Generali SpA Completes Sale of US Life Reinsurance Business to SCOR SE


Tuesday, 1 Oct 2013 11:57am EDT 

Assicurazioni Generali SpA announced that on October 1, 2013 it has completed the sale of its US life reinsurance companies to SCOR SE, following the final approval of the relevant regulatory authorities, in accordance with the terms of the agreements and the time frame disclosed on June 4, 2013. Under the terms of the same agreements, the recapture of the business retroceded to Assicurazioni Generali is expected to be completed October 2, 2013. The transaction is part of Generali’s strategy to withdraw from non-core businesses and optimize capital allocation. At the completion of the whole transaction, the total expected gross proceeds will amount to USD 910 million, comprising the cash consideration of USD 779 million (including USD 29 million of the 2013 change in equity) received on October 1, 2013 from SCOR and the release of USD 131 million of cash collateral expected to be completed tomorrow. The expected proceeds correspond to an implied c. 15x multiple on 2012 full year earnings. Additionally, Generali will benefit from the release of the solvency capital to date required to support the business retroceded. 

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19 Dec 2014