Italian insurance major Generali is reportedly in talks to acquire La Medicale to augment its presence in the European non-life and health insurance market.

La Medicale, a subsidiary of French banking giant Credit Agricole, specialises in offering health insurance coverage to healthcare professionals.

As per Bloomberg’s report, the deal could be valued at around $450m. The talks are at an early stage and the deal may or may not materialise.

Strengthening the insurance and asset-management business is part of Generali’s strategy, which has €1bn left for acquisition as part of its three-year M&A plan, which is ending soon.

The insurer is looking to expand operations in Asia and Europe.

Earlier this month, Generali acquired its rival Cattolica to strengthen its presence in the Italian insurance market.

Commenting on the deal Generali Group CEO Philippe Donnet had said that the deal positions it among the largest European insurance groups and was in line with “the objectives of the ‘Generali 2021’ strategic plan.”

Generali made a €300m investment in Cattolica last year and launched a €1.17bn buyout offer for Cattolica earlier this year.

Meanwhile, in October this year, Generali’s Indian joint venture Future Generali India Insurance (FGII) forged a bancassurance partnership with the Bank of India (BoI).

The insurer has formed 15 such partnerships with public and private banks in India so far to improve penetration.