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

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

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The sale is part of Generali’s strategy to optimise its geographical presence, boost operational efficiency and improve capital allocation.

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

ASSA Compañía de Seguros operates as a subsidiary of Grupo ASSA and offers life insurance and general insurance products 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 forward in the rebalancing of Generali Group’s geographical presence across the world.

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“We are making good progress in the optimization of our geographical footprint. 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 pursue our strategy to make Generali a simpler and smarter company”.

The transaction is pending receipt of the approval of the competent authorities.

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