Pérez-Llorca advises Zurich on Generali insurance sale
Pérez-Llorca has advised Zurich Insurance Europe and Zurich Insurance Company on their acquisition of two general insurance subsidiaries from Generali España, based in Ireland and Northern Ireland, for €337 million in cash. The deal includes the RedClick brand and follows Generali España’s 2024 purchase of Liberty Seguros for €2.3 billion.
The transaction is structured so that Generali España retains €51 million in excess capital within the sold entities prior to completion, with customary cash adjustments at closing. The subsidiaries contributed €167 million in general insurance premiums and €17 million in profit in the first nine months of last year. Generali expects the deal to generate capital gains for the parent company, with minimal impact on adjusted EPS and a modest increase in its solvency ratio.
The sale reflects Generali’s strategic focus on core insurance markets and aligns with its Lifetime Partner 27 plan to drive operational excellence. The transaction also complements Zurich’s ongoing European and international expansion in general and specialty insurance lines.
The team
The Pérez-Llorca advisory team on the transaction included Joaquín Ruiz Echauri as lead partner, with Boris Urquizu Barquet serving as senior associate and coordinator, supported by associates Eduardo Díaz Escagedo and Diego Samuel Arroyo on Insurance (M&A and Regulatory); Norma Peña i Bagès as partner, with Sergi Aguilar and Marc Barroso as associates on Tax; Paola Vegazo Rico as associate on Employment; and Raúl Rubio as partner, with Luisa Galiana as associate on IP/IT.
In the picture: Joaquín Ruiz Echauri (lead partner) y Boris Urquizu Barquet (senior associate and coordinator)
