#Generali #closes #purchase #Liberty #Pedro #Carvalho #responsible #operation #Portugal
Carlos Escudero was appointed as the new CEO, a position he combines with his current role as CEO of Generali Spain, and Pedro Carvalho as member of the Board of Directors and responsible for the branch in Portugal, a role he also combines with his current role as CEO of Tranquilidade/ Generali.
Generali, which owns Tranquilidade in Portugal, has just announced the completion of the purchase of Liberty Seguros from Liberty Mutual. The transaction, announced on June 15 last year, is Generali’s largest globally in the last decade.
Liberty Seguros is a Spanish company operating in Spain, Portugal, Ireland and Northern Ireland.
Following the completion of the transaction, the new management of Liberty Seguros, Compañia de Seguros y Reaseguros appointed Carlos Escudero as the new CEO, a position he combines with his current role as CEO of Generali Spain, and Pedro Carvalho as a member of the Board of Directors and responsible for branch in Portugal, a position that he also combines with his current role as CEO of Tranquilidade/Generali.
In a statement, Jaime Anchústegui Melgarejo, International CEO of Generali, said that “with the acquisition of Liberty Seguros a new chapter begins in the Group’s history, consolidating our leadership position in key markets, such as Spain and Portugal, and giving us the possibility of returning to the Irish market in the top 10 of the Non-Life sector”.
“The complementarity of both operations allows us to pursue sustained growth, reinforce our distribution capacity through a network of professional partners, bancassurance and direct channel, as well as reinforce our offer to customers through a wide range of products”, adds.
This operation is fully aligned with the Generali Group’s “Lifetime Partner 24: Driving Growth” strategy, which aims to increase the Group’s revenues, reinforce the Non-Life business and consolidate its leadership position in Europe.
The acquisition of Liberty Seguros “significantly strengthens the Group’s market position in Spain and Portugal, complementing existing Iberian operations and gives Generali a presence in the lucrative Irish Non-Life market. The transaction will increase profitability and competitiveness and Liberty Seguros is expected to contribute, after excess capital repatriation, more than €250 million annually to Group Profit Before Tax in 2029,” said CEO Philippe Donnet spoke during the Italian insurer’s Investor Day.
