Generali

The addition of Tranquilidade will make the Italian carrier Portugal's second-largest non-life insurer.

The auction was also said to have drawn interest from Allianz and Ageas.

An improved underwriting result contributes to the uplift.

The sale is the carrier’s latest divestment as it trims its international presence.

The insurer reports steady group-wide profit after the conclusion of its three-year turnaround plan.

The ratings agency also revised the outlook of Generali’s long-term ICR to positive from stable.

Clearance from the Italian regulator marks the final stage of the year-old run-off agreement.

The carrier will seek acquisitions of insurers and asset managers.

A new three-year plan targets at least $1.7bn in debt reduction and acquisitions within asset management.

The insurer joins a growing list of carriers who are scaling back on insuring coal-related assets.

The carrier reports EUR215mn in natural catastrophe claims and a marginal improvement in the combined ratio.

When reinsurers are too big it is their cedants that can suffer, but when the buyers are too big it is the reinsurers that are squeezed by the asymmetrical relationship.