Zurich Insurance Europe’s Irish branch has agreed to purchase the non-life insurance business of Generali España De Seguros Y Reaseguros, which operates in Ireland under the RedClick brand.
The transaction is valued at €337m in cash, with final adjustments expected at completion.
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Generali Spain will retain an additional €51m of excess capital related to its Irish property and casualty (P&C) operations.
The company has indicated that this divestment supports its strategy of focusing on core markets where it already has significant scale.
Generali anticipates a capital gain from the sale, which will be confirmed once the deal concludes.
The impact on the group’s adjusted earnings per share is expected to be negligible, while the transaction should increase its Solvency II Ratio by around one percentage point.
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By GlobalDataThe acquisition aligns with Zurich’s retail strategy in the Europe, Middle East and Africa (EMEA) region and is expected to strengthen its competitive position in Ireland.
Zurich’s presence in Ireland dates back more than 75 years.
Completion of the deal is subject to legal and regulatory approval and is anticipated in late 2026 or early 2027.
Zurich Ireland CEO Anthony Brennan said: “This is an important and exciting milestone for our business and reflects Zurich’s long-term commitment to the Irish insurance market. Following completion, the RedClick team and customers will transfer and become part of Zurich’s non-life insurance business here in Ireland.
“We look forward to welcoming our new RedClick colleagues and bringing together the strengths of Zurich and RedClick to enhance our ability to serve customers, brokers and partners across Ireland. This investment strengthens our business for future growth and supports our strategy to deliver market-leading customer experience, product capability and innovation.
“We will build on the complementary strengths of both organisations, further enhancing Zurich’s digital and product offering and delivering a seamless service and brighter future for our Irish customers.”
This development follows Zurich Insurance Group’s move to raise SFr3.9bn ($5.02bn) via an accelerated book-building, part of its financing for a proposed $10.8bn acquisition of Beazley, a UK-based insurer.
