International leading law firm Herbert Smith Freehills has advised Generali on the signing of an agreement for the acquisition of La Médicale, Crédit Agricole Assurances' insurance subsidiary, for healthcare professionals.
The transaction also foresees the sale to Generali of the death coverage portfolio of Predica, life insurance company fully owned by Crédit Agricole Assurances, marketed and managed by La Médicale.
Founded in 1948, La Médicale is a leading player in the insurance market for healthcare professionals in France. In the first six months of 2021, La Médicale and the death coverage portfolio have recorded strong financial performance, with premiums of € 286 million. La Médicale is the partner of more than 300,000 customers throughout France and its products are distributed by a specialised network of almost 125 general agents across 45 agencies. The total price for the transaction is € 435 million, subject to closing adjustments.
For Generali, this acquisition represents a key strategic opportunity for growth. The transaction is fully in line with the "Lifetime Partner 24: Driving Growth" strategy and confirms the Group’s commitment to deliver sustainable growth whilst creating value for customers, consistent with Generali’s Lifetime Partner ambition.
The transaction is expected to close within 2022 and remains subject to the authorisation of the relevant antitrust and regulatory authorities.
Herbert Smith Freehills has advised Generali with a team composed of partner Hubert Segain, associates Camille Lartigue and Hugues Colombani on corporate aspects; partner Martin Le Touzé and associate César Michel on insurance and dispute aspects; partner Régis Oréal and associate Pierre Mathé on regulatory aspects; partner Sergio Sorinas and associates Agathe Esch and Anne-Cécile Bing on competition matters; and partner Alexandra Neri, and associate Alexandre Euverte on aspects related to intellectual property, technology and data protection.