Italian insurer Assicurazioni Generali SpA (G.MI) said early
Tuesday it has agreed to sell its U.S. life reinsurance business
for $920 million to SCOR SE's (SCRYY, SCR.FR) Global Life.
In a filing to the Italian stock exchange, the company said the
sale of its U.S. operations, which is part of its noncore asset
disposal plan, will generate a net capital gain of approximately
$150 million, the Italian insurer said.
The closing date of the sale, which is subject to regulatory
approvals, is scheduled for Sept. 30, it added.
In 2012, the group's U.S. business registered a net premium
income of $925 million with a $62 million profit.
After the sale, Generali will continue to operate in the U.S. in
the property and casualty insurance sector through its New York
branch, the company said.
Exchange website: www.borsaitaliana.it
Write to Enza Tedesco at enza.tedesco@dowjones.com
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