Zurich Insurance Europe's Irish branch has entered into an agreement to acquire the non-life insurance operations of Generali España De Seguros Y Reaseguros, which conducts business in Ireland through its RedClick brand, according to a Life Insurance International report.

The deal carries a €337 million cash valuation, with final purchase price adjustments to be determined upon closing. Generali Spain will hold onto a further €51 million in surplus capital associated with its Irish property and casualty business operations. The divestment aligns with Generali's strategic approach of concentrating resources on markets where the company maintains substantial operational scale.

The sale is projected to generate a capital gain for Generali, with the precise figure to be established following deal completion. Impact on the group's adjusted earnings per share is forecast to be minimal, whilst the transaction is anticipated to lift its Solvency II Ratio by approximately one percentage point.

The acquisition supports Zurich's retail market strategy across the Europe, Middle East and Africa region and is projected to enhance its competitive standing in Ireland. Zurich has maintained operations in Ireland for over 75 years. Deal completion remains subject to legal and regulatory clearance and is forecast for late 2026 or early 2027.

Anthony Brennan, Chief Executive Officer of Zurich Ireland, described the transaction as a significant development for the business. "This is an important and exciting milestone for our business and reflects Zurich's long-term commitment to the Irish insurance market," he stated.

Brennan noted the acquisition will enhance service capabilities through combined organisational strengths. "We will build on the complementary strengths of both organisations, further enhancing Zurich's digital and product offering and delivering a seamless service and brighter future for our Irish customers," he said.

View the full details on Zurich Insurance's acquisition of Generali's Irish non-life operations in the complete article.