Toscafund weighs sale of Portuguese insurer Caravela

Toscafund Asset Management, unneurotic with different number investors, is considering divesting its interests successful Caravela Seguros, a non-life security supplier based successful Portugal, reported Bloomberg, citing sources.

Toscafund, headquartered successful London and holding a 48% involvement successful Caravela, has appointed Mediobanca to counsel connected the imaginable sale, the unnamed sources told the quality agency.

Other shareholders, totalling much than 20 investors, are besides evaluating their options regarding a imaginable exit.

A spokesperson for Toscafund and Mediobanca declined to supply statements.

Caravela Seguros did not respond to requests for remark via telephone oregon email.

Toscafund initially invested €30m ($34.9m) successful Caravela Seguros astatine the extremity of 2019 arsenic portion of a superior increase.

Among the remaining shareholders is Mário Ferreira, president of Media Capital and proprietor of a cruise vessel company.

Ferreira did not instantly reply to inquiries.

Caravela’s gross written premiums totalled €187.7m successful 2024, up 17% from the erstwhile year, the quality bureau added, citing fiscal reports.

Data from regulator ASF places Caravela ninth among non-life insurers successful Portugal with a 2.2% marketplace share.

The insurer’s portfolio includes policies for individuals and businesses crossed categories specified arsenic health, assorted liability covers, centrifugal vehicles, property, question and workplace accidents.

"Toscafund weighs merchantability of Portuguese insurer Caravela" was primitively created and published by Life Insurance International, a GlobalData owned brand.

The accusation connected this tract has been included successful bully religion for wide informational purposes only. It is not intended to magnitude to proposal connected which you should rely, and we springiness nary representation, warranty oregon guarantee, whether explicit oregon implied arsenic to its accuracy oregon completeness. You indispensable get nonrecreational oregon specializer proposal earlier taking, oregon refraining from, immoderate enactment connected the ground of the contented connected our site.