In the Portuguese market, mergers and acquisitions between January and October 2019 totalled around €2.525 million – 40% lower than the same period in 2018.

However, the market recently witnessed a significant acquisition when Apollo Global Management announced the sale of Seguradoras Unidas to the Italian group, Generali, creating one of the largest insurers in Portugal.
 
Generali completed its acquisition of Seguradoras Unidas (which owns Tranquilidade, Açoreana and Logo) and AdvanceCare – both owned by the North‑American Apollo fund, in January 2020. The transaction totalled €600 million.
 
Jaime Anchústegui, international ceo of Generali, confirms how important this business is to Generali in Portugal, pointing out ‘it will now be among the market leaders and the company will pool the strengths of Seguradoras Unidas with the skills of the Generali group’. He also announced there’ll be immediate
company‑wide integration. The acquisition positions Generali as one of the top three insurers in Portugal.

Pedro Carvalho is the executive chair of the group’s insurers in Portugal (Generali Vida, Generali Seguros and Seguradoras Unidas), reporting directly to Jaime Anchústegui. The former ceo of Tranquilidade, Açoreana, Logo and AdvanceCare (and past employee of McKinsey and the Sonae Group), was joined in the executive management committee by Rogério Dias (chief distribution officer), José Nogueira (chief operating officer), Stefano Flori, (chief financial officer) and João Barata (chief insurance officer).
 
Generali is one of the largest insurers and asset management specialists in the world. Established in 1831, it operates in 50 countries, generating over €66 billion premium income in 2018. Employing more than 71,000 people and serving 61 million customers, the Group leads the sector in Europe and is increasing its presence in Asia and Latin America. Generali’s ambition is to be a lifelong partner to its customers, offering innovative customised solutions through its unrivalled distribution network.