Generali to divest Panama business for $172m

 Italian guarantor Generali has reached an agreement with Panama-based ASSA Compañía de Seguros to sell its insurance market business in Panama in a transaction valued at $172m.

Under the conditions of the agreement, Generali will offload the assets and liabilities of the branch, including its insurance portfolio.

The sale is part of Generali's strategy to advance its geographical presence, help operational proficiency and work on capital allocation.

Generali, through ASSA, will remain active in Panama with its international business lines, namely, Generali Employee Benefits, Generali Global Corporate and Commercial and Europ Assistance.

ASSA Compañía de Seguros operates as a subsidiary of Grupo ASSA and offers life coverage and general insurance items in Panama. Established in 1982, ASSA Compañía de Seguros is based in Panama City, Panama.

Generali CEO of global business lines and international Frédéric de Courtois said: "This transaction is another step in the right direction in the rebalancing of Generali Group's geographical presence across the world.

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"We are making great advancement in the optimization of our geographical impression. We just announced the disposal of Colombia and the transaction of Guatemala and this deal will further help us to achieve our targets and to seek after our strategy to make Generali a more straightforward and smarter company".

The transaction is forthcoming receipt of the approval of the capable authorities.

Earlier in July, Generali reached an agreement with Germany-based Talanx to offload Generali Colombia Seguros Generales and its life coverage subsidiary, Generali Colombia Vida Compañia de Seguros for approximately €30m.

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