Italian insurance major Generali has wrapped up the acquisition of Portuguese insurer Seguradoras Unidas and a smaller service company AdvanceCare.

The Italian insurer agreed to acquire these entities for €600m ($674m) in July last year from Calm Eagle and Calm Eagle Parent Holdings, which are majority owned by investment funds managed by certain affiliates of Apollo Global Management.

The deal has been concluded after it obtained assent from all relevant regulators and competition authorities.

Seguradoras Unidas is the second largest non-life business company in Portugal with a market share of 15.5%.

The acquisition will make Generali the second largest non-life firm in Portugal with a market share of around 18.7%.

The Italian insurer has named Pedro Carvalho as the CEO of the insurance entities of the Generali Group in Portugal (Generali Vida, Generali Seguros, Seguradoras Unidas).

Carvalho will directly report to Jaime Anchústegui, CEO International of Generali.

“Pedro joins the group after a significant experience in senior management roles within the insurance industry,” the insurer said in its press statement.

Generali, at the time of signing the deal, commented that the acquisition is a key step in the execution of a three-year strategy aimed at strengthening its position in Europe.

AdvanceCare, which mainly operates in the healthcare sector, has a market share of around 30%.

Generali intends to advance AdvanceCare’s business model in other countries to boost service-based revenues.

Recently, La Caja, the Argentine subsidiary of Generali, signed a pact with Argentina-based e-commerce firm Mercado Libre to offer non-life insurance plans.

Under the agreement, Generali will sell its motor and home insurance plans through the e-commerce firm’s digital portal.

The collaboration will enable Mercado Libre’s customers to access its digital platform to prepare quotes and underwrite the LaCaja plans.