Generali sells off US life unit

City A.M. Reporter
ITALY’S biggest insurer Generali said yesterday that it had agreed to sell its US life reinsurance business to France’s Scor for total proceeds of $920m (£600m), as part of its strategy to shed non-core assets.

The deal, under which Scor is paying €579m in cash plus an additional amount for whatever the unit earns this year before the deal’s expected completion in the second half, will make Scor the largest US life reinsurer.

Earlier this year Generali’s new chief executive Mario Greco pledged to raise €4bn from non-core asset sales by 2015 to shore up capital and restore value.