Generali cedes assets in Mexico

Generali is ceding its stakes in two Mexican insurers for 846 million USD. The cession of the minority stakes in Seguros Banorte Generali and Pensiones Banorte Generali will enable it to make a gain of 652 million USD. Prior to this transaction, the Italian insurer had completed the sale to Scor of its life reinsurance activities in the United States. Following the downgrading of its rating, Generali has agreed to sell 5.2 billion USD of assets by 2015. From August 2012 to June 2013, the amount of cessions amounted to 2.8 billion USD.