Italian insurer Generali has wrapped up the divestiture of Generali Worldwide Insurance Company and Generali Link to Life Company Consolidation Group (LCCG).
As per the terms of the deal, which was originally signed in July last year, Generali agreed to accept about €409m in base consideration, along with up to €10m of contingent consideration, for the sale of its stakes in both companies.
The Italian insurer said that the transactions are part of a strategy to boost its operational efficiency and improve capital allocation.
Generali Worldwide is headquartered in Guernsey, and offers life-insurance-based wealth management and employee benefit solutions to multi-national organisations, expatriates and locals.
Based in Ireland, Generali Link focuses on fund and policy administration. It provides services to Generali Worldwide as well as Generali PanEurope dac which was acquired by LCCG in 2017 and re-branded as Utmost PanEurope dac.
Pursuant to the terms of the latest deal, Generali Worldwide will remain active and will work as the partner of the Generali employee benefits network for its existing and future clients.
The Italian insurer will also retain the health portfolio of Generali Worldwide in the Caribbean, which will be managed by the global health division of Generali.
In January 2019, Generali offloaded its Belgian insurance business to Athora Holding, a portfolio company of Apollo Global Management, for about €540m ($616m).