The German insurer is in talks to acquire Caravela Seguros, valuing the non-life insurer at approximately €150m.
Allianz is in advanced negotiations to purchase Caravela Seguros, Portugal’s seventh-largest non-life insurer, with a 2.6% market share. The potential deal values the Lisbon-based company at around €150m, though discussions may still collapse without a formal bid.
Toscafund, which owns 48% of Caravela, has engaged Mediobanca to advise on the sale of its stake, while over 20 other investors are also preparing to divest. Toscafund acquired its holding in 2019 via a €30m capital increase. Italy’s Reale Mutua was previously reported as a potential bidder.
A successful acquisition would expand Allianz’s non-life insurance operations in Portugal. Neither Allianz nor Caravela has commented on the negotiations.