Assicurazioni Generali has entered into exclusive talks with Credit Agricole to buy the French bank’s subsidiary La Medicale, as part of plans to expand its European non-life and health insurance businesses. According to a statement by the Italian insurer, the talks include the sale of Predica’s death coverage portfolio, which La Medicale manages, to Generali. Predica is a life insurance company, fully owned by Crédit Agricole Assurances. Insiders have indicated that the deal may be valued at about €400mn ($450mn). Founded in 1948, La Medicale had €552mn ($619mn) of annual premiums at the end of last year and a portfolio with more than 600,000 policies.

Generali’s GBP bonds were stable, with its 6.416% Perp down 0.03 to 100.975. Credit Agricole Assurance SA’s EUR bonds were also trading stable, with its 4.5% Perp down 0.11 to 112.

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