French Insurance Group in €1.25 Billion Italian Insurance Company Acquisition
October 31, 2007
Cleary Gottlieb represented French insurer Groupama SA in its acquisition from Assicurazioni Generali S.p.A. 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 and the deal closed on October 31, after the necessary antitrust and regulatory approvals were obtained.
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.