Generali to Sell British Branch's Non-Life Run-Off Portfolio
December 19 2017 - 5:27AM
Dow Jones News
By Pietro Lombardi
Assicurazioni Generali SpA (G.MI) said Tuesday that it has
agreed to sell the non-life run-off portfolio of its British branch
to Compre Group.
Generali didn't disclose financial details. The portfolio,
Generali said, has about 300 million euros ($353.4 million) in
liabilities. A run-off portfolio is one that will be managed until
all policies mature, with no new policies being issued.
The sale "allows Generali to release capital, reduce costs, and
remove the potential source of volatility inherent in such
long-tail business lines," Chief Financial Officer Luigi Lubelli
said.
The deal will improve Generali's capital position, the company
said.
Write to Pietro Lombardi at pietro.lombardi@dowjones.com
(END) Dow Jones Newswires
December 19, 2017 06:12 ET (11:12 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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