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Generali to sell TUA Assicurazioni to Allianz in $295 million deal

Reuters
Logo of insurance company Generali is seen on the company headquarters in Budapest

(Reuters) - Generali said on Thursday that it has reached an agreement with German insurance heavyweight Allianz for the sale of TUA Assicurazioni for 280 million euros ($295 million) in cash.

Mediobanca, Banca di Credito Finanziario and Rothschild & Co acted as financial advisors for the deal, the company said.

TUA offers policies covering areas such as motoring, home and health and was acquired by Generali as part of its deal to buy smaller rival Cattolica two years ago.

($1 = 0.9489 euros)

(Reporting by Akanksha Khushi in Bengaluru; Editing by Shailesh Kuber)