Assicurazioni Generali SpA (G.MI) said Tuesday that it has agreed to sell the non-life run-off portfolio of its British branch to Compre Group.
Generali didn't disclose financial details. The portfolio, Generali said, has about 300 million euros ($353.4 million) in liabilities. A run-off portfolio is one that will be managed until all policies mature, with no new policies being issued.
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The sale "allows Generali to release capital, reduce costs, and remove the potential source of volatility inherent in such long-tail business lines," Chief Financial Officer Luigi Lubelli said.
The deal will improve Generali's capital position, the company said.
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(END) Dow Jones Newswires
December 19, 2017 06:12 ET (11:12 GMT)