Generali in discussions with Crédit Agricole on La Médicale

Posted on Nov 23, 2021, 7:23 PMUpdated Nov 23, 2021, 7:32 PM

The Italian insurer Generali is in discussions with Credit Agricole to buy its insurance subsidiary focused on health professionals, La Médicale, were able to confirm “Les Echos”, after information unveiled by Bloomberg and Reuters.

The Medical would be valued around 400 million euros, according to press agencies. When contacted, neither Generali nor Crédit Agricole wished to comment.

Created a little over 70 years ago, La Médicale joined Crédit Agricole in 2004, when the group bought Crédit Lyonnais.

The insurer offers health insurance, provident insurance and professional civil liability contracts to around 275,000 policyholders, in particular pharmacists and general practitioners. Something to interest several players, and in particular the MACSF, present in this segment of the medical professions.

Claiming 472 million euros in premiums in 2020, La Médicale has some 200 employees and a network of 125 general agents.

A billion for acquisitions

The revelation of these talks comes as Generali is on the lookout for acquisitions in Europe. “We want to strengthen our position in a number of countries where our market shares are lower. This is the case in France where we are the 8th insurer ”, had declared to“ Echos ”his boss Philippe Donnet, whose mandate comes to an end next spring.

The group, which recently got hold of its Italian rival Cattolica, said this month that it still has a billion euros in cash to make acquisitions as it must present a new strategic plan in December.

DNA difference

“Generali has always had a particular bias on the liberal professions,” indicates a good connoisseur of the sector to explain the Italian group’s interest in La Médicale. For Crédit Agricole, on the other hand, “it’s an oddity. They found this in the Crédit Lyonnais bride’s basket. It is a network of general agents, it is not at all their DNA ”.

According to this source, these discussions which have been taking place “for months” could be part of a larger operation which would see Crédit Agricole take a stake in Europ Assistance, now in the bosom of Generali, in return for the sale of The Medical.

At the end of last year, Crédit Agricole announced the acquisition of 50% of the capital of Europ Assistance France. The company offers repatriation services for travelers, roadside assistance and medical assistance.

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