Pérez-Llorca advises Allianz on Caravela deal
Pérez-Llorca has advised Allianz on an agreement to acquire Caravela – Companhia de Seguros from Toscafund Asset Management and other investors. The transaction, which remains subject to clearance from Portugal’s insurance and pension funds supervisory authority (ASF) and the Portuguese Competition Authority, is expected to strengthen Allianz’s position in the Portuguese insurance market.
Deal details
Under the agreement, Allianz Portugal will acquire 100% of Caravela. The target holds a non-life insurance portfolio with gross written premiums of €213 million in 2025, distributed through a network of more than 800 agents and brokers. Once completed, the acquisition is expected to increase Allianz Portugal’s market share by 2.3%, adding distribution reach and expanding its non-life insurance offering.
Advisory team
Pérez-Llorca provided cross-border advice to Allianz through a multidisciplinary team spanning its Spanish and Portuguese offices. In Spain, the corporate team was led by partner Felipe Vázquez, supported by lawyers Isa Rodrigues and Diego Alcalde; the insurance and reinsurance practice was led by partner Rafael Fernández together with lawyers Eduardo Díaz, Ángela Yubero and Javier Navas; the tax team was represented by lawyer Sergi Aguilar; and the competition practice was led by partner Juan Jiménez-Laiglesia.
In Portugal, the corporate team was led by partner Manuel Cordeiro, with lawyers Rita Braga and Joao Policarpo; the insurance and reinsurance practice was led by partner Inês Palma Ramalho, supported by lawyers Sara Fróis Guerra and Matilde Mesquita Nunes; the tax practice was led by partner Susana Estêvao Gonçalves and lawyer Nicolle Barbetti; and the competition team was led by partner Rita Leandro Vasconcelos and lawyer Sofia Vilas Boas.
