Allianz is holding superior discussions on a doable buy of Portuguese insurer Caravela Seguros after making an method for the enterprise, in line with the Jornal Económico.
Sources aware about the event stated Allianz is in talks with Caravela’s shareholders over a possible transaction. They stated the method is constant however cautioned that the discussions should finish with no formal bid.
Toscafund, based mostly in London, holds 48% of Caravela and has appointed Mediobanca to advise on the sale of that holding, Bloomberg Information reported in January.
The insurer’s different house owners, comprising greater than 20 buyers, are additionally getting ready to get rid of their positions.
The Lisbon-based firm may very well be valued at round €150m, the information publication stated.
Caravela and Toscafund didn’t reply to requests for remark. Allianz declined to remark by means of a consultant.
A deal would add to Allianz’s non-life enterprise in Portugal.
Caravela is the nation’s seventh-largest non-life insurer, with a market share of two.6%.
Italy’s Reale Mutua has additionally been taking a look at a doable bid for Caravela, the Corriere della Sera reported final month, citing common supervisor Luca Filippone.
Toscafund purchased its stake in Caravela in late 2019 by means of a €30m capital improve. Different buyers embrace Portuguese businessman Mário Ferreira, the chairman and largest shareholder of media group Media Capital.
Final month, Allianz Industrial agreed to switch its stand-alone business cyber insurance coverage enterprise to US-based firm Coalition.
Below that settlement, Coalition turns into Allianz’s unique international cyber insurance coverage accomplice throughout all business segments. Within the first quarter of 2026, Allianz stated shareholders’ core internet revenue reached €3.8bn, a rise of 48.4% in contrast with €2.6bn in the identical interval a yr earlier.
“Allianz in superior negotiations to accumulate Portugal’s Caravela – report” was initially created and revealed by Life Insurance coverage Worldwide, a GlobalData owned model.
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