Allianz in advanced negotiations to acquire Portugal’s Caravela – report

Allianz is holding precocious discussions connected a imaginable acquisition of Portuguese insurer Caravela Seguros aft making an attack for the business, according to the Jornal Económico.

Sources privy to the improvement said Allianz is successful talks with Caravela’s shareholders implicit a imaginable transaction. They said the process is continuing but cautioned that the discussions whitethorn inactive extremity without a ceremonial bid.

Toscafund, based successful London, holds 48% of Caravela and has appointed Mediobanca to counsel connected the merchantability of that holding, Bloomberg News reported successful January.

The insurer’s different owners, comprising much than 20 investors, are besides preparing to dispose of their positions.

The Lisbon-based institution could beryllium valued astatine astir €150m, the quality work said.

Caravela and Toscafund did not reply to requests for comment. Allianz declined to remark done a representative.

A woody would adhd to Allianz’s non-life concern successful Portugal.

Caravela is the country’s seventh-largest non-life insurer, with a marketplace stock of 2.6%.

Italy’s Reale Mutua has besides been looking astatine a imaginable bid for Caravela, the Corriere della Sera reported past month, citing wide manager Luca Filippone.

Toscafund bought its involvement successful Caravela successful precocious 2019 done a €30m superior increase. Other investors see Portuguese businessman Mário Ferreira, the president and largest shareholder of media radical Media Capital.

Last month, Allianz Commercial agreed to transportation its stand-alone commercialized cyber security concern to US-based institution Coalition.

Under that agreement, Coalition becomes Allianz’s exclusive planetary cyber security spouse crossed each commercialized segments. In the archetypal 4th of 2026, Allianz said shareholders’ halfway nett income reached €3.8bn, an summation of 48.4% compared with €2.6bn successful the aforesaid play a twelvemonth earlier.

"Allianz successful precocious negotiations to get Portugal’s Caravela – report" was primitively created and published by Life Insurance International, a GlobalData owned brand.

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