Finance
Zurich to Buy Generali’s Irish Unit for €337 Million in Cash
The Assicurazioni Generali SpA company's headquarters in the CityLife district in Milan.
Photographer: Giuliano Berti/BloombergZurich Insurance Group AG agreed to buy Assicurazioni Generali SpA’s RedClick unit for €337 million ($389 million) in cash to expand its non-life business in Ireland.
The two companies announced the deal in separate statements Monday, confirming an earlier Bloomberg report. Under the terms, Generali Spain will retain an additional €51 million of excess capital that is currently allocated to the operations, Generali said.