French Insurance Group in €1.25 Billion Italian Insurance Company Acquisition

Cleary Gottlieb represented French insurer Groupama SA in its acquisition from Assicurazioni Generali S.p.A. of Nuova Tirrena S.p.A., an Italian company active in the non-life and life insurance sector, for €1.25 billion. The agreement, designed to overcome certain unique antitrust challenges, was signed on August 2 and the deal closed on October 31, after the necessary antitrust and regulatory approvals were obtained.

Groupama is the third largest French composite insurance group, with more than 8 million clients and total premiums of €13.8 billion in 2006. Groupama offers insurance-related services and banking activities for both personal and corporate lines, and operates in all insurance sectors: life; health; property; and casualty.

Nuova Tirrena is an Italian company active mainly in the non-life insurance sector, with a strong presence in the central and southern regions of the country.