Toscafund Asset Management, together with other minority investors, is considering divesting its interests in Caravela Seguros, a non-life insurance provider based in Portugal, reported Bloomberg, citing sources.
Toscafund, headquartered in London and holding a 48% stake in Caravela, has appointed Mediobanca to advise on the possible sale, the unnamed sources told the news agency.
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Other shareholders, totalling more than 20 investors, are also evaluating their options regarding a potential exit.
A spokesperson for Toscafund and Mediobanca declined to provide statements.
Caravela Seguros did not respond to requests for comment via phone or email.
Toscafund initially invested €30m ($34.9m) in Caravela Seguros at the end of 2019 as part of a capital increase.
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By GlobalDataAmong the remaining shareholders is Mário Ferreira, chairman of Media Capital and owner of a cruise ship company.
Ferreira did not immediately reply to inquiries.
Caravela’s gross written premiums totalled €187.7m in 2024, up 17% from the previous year, the news agency added, citing financial reports.
Data from regulator ASF places Caravela ninth among non-life insurers in Portugal with a 2.2% market share.
The insurer’s portfolio includes policies for individuals and businesses across categories such as health, various liability covers, motor vehicles, property, travel and workplace accidents.
