French Insurance Group in €1.25 Billion Italian Insurance Company Acquisition

Cleary Gottlieb represented Groupama SA in its acquisition from the Generali insurance group of Nuova Tirrena S.p.A., an Italian company active in the non-life and life insurance sector, for €1.25 billion. The agreement, designed to overcome certain unique antitrust challenges, was signed on August 2. The deal is expected to close in the fourth quarter of 2007, subject to antitrust and regulatory approvals.

Groupama is the third largest French composite insurance group, with more than 8 million clients and total premiums of €13.8 billion in 2006. Groupama offers insurance-related services and banking activities for both personal and corporate lines and operates in all insurance sectors: life; health; property; and casualty.

Nuova Tirrena is an Italian company active mainly in the non-life insurance sector, with a strong presence in the central and southern regions of the country.