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Assicurazioni Generali SpA Picks Two Bidders Including Scor SE For US Life Unit; Munich Re Group AG, Swiss Re AG, And Others Also Interested To Buy Generali US-Reuters


Monday, 8 Apr 2013 01:22pm EDT 

Reuters reported that Assicurazioni Generali SpA has moved closer to selling its U.S. life reinsurance unit as it shortlisted two among a large number of bidders. The selected bidders are Scor SE and a U.S. rival. Financial Italian daily Sole 24 Ore earlier reported that Scor and a U.S. player were in pole position to acquire Generali US. Munich Re Group AG, Zurich Insurance, Swiss Re AG, Hannover Rueckversicherung AG, Reinsurance Group Of America Inc and a bunch of Bermuda-incorporated reinsurers such as Everest Re were also interested to buy Generali US. Generali's new Chief executive Mario Greco aims to raise EUR4 billion from non-core asset sales to shore up capital and restore value after long-standing CEO Giovanni Perissinotti was ousted by disappointed investors led by Mediobanca. The insurer is hoping to secure $800 million to $1 billion for Generali US and about EUR2 billion ($2.60 billion) for its private bank BSI, which it is also selling.