27 June 2018
McCann FitzGerald advises Assicurazioni Generali S.p.A. on the sale of Generali PanEurope dac
We advised Assicurazioni Generali S.p.A. on the sale of Generali PanEurope dac (since renamed as Utmost PanEurope dac) to Life Company Consolidation Group (LCCG).
The terms of the sale, which completed in June 2018 following the receipt of regulatory approvals, are in line with the transaction’s original announcement in December 2017, when it was reported that Generali had agreed to accept an initial consideration of €230 million, in addition to a €56 million settlement for certain intercompany financing arrangements. Following the sale, Generali will remain active in the Irish market through its Global Business Lines division, while Utmost PanEurope dac will continue to work with Generali as its Irish and PanEuropean partner for the Generali corporate employee benefit business to serve existing and future clients. The transaction was part of Generali’s strategy to optimize its geographical footprint, increase its operational efficiency and improve capital allocation.