Generali sells its Tua Assicurazioni subsidiary to Allianz

Generali has signed an agreement with Allianz for the sale of its non-life insurance subsidiary Tua Assicurazioni, based in Milan, Italy. The transaction is valued at 280 million EUR (294.2 million USD).

Tua Assicurazioni is part of Cattolica Assicurazioni which was acquired by the Italian group in 2021. Tua Assicurazioni operates mainly in the motor sector, which accounted for nearly 60% of the turnover generated in 2022.

Pending regulatory approval, the deal is expected to be finalized in the first quarter of 2024.