Generali, BFF Bank and BPCE line up offers for Apax's insurer GamaLife, sources say

Reuters

Nov 20, 2025

Generali, BFF Bank and BPCE line up offers for Apax's insurer GamaLife, sources say

By Andres Gonzalez and Gianluca Semeraro

LONDON, Nov 20 (Reuters) - Insurer Generali GAS.MI, Milan-listed BFF Bank BFF.MI and France's BPCE have advanced to the second round of bidding to acquire European life insurance consolidator GamaLife from Apax Partners, two sources familiar with the matter said.

Buyout group Apax is targeting a valuation of about 600 million euros ($691.56 million) for GamaLife, the sources said.

DEAL DETAILS

• Apax expects binding offers in the coming weeks and aims to reach a deal early next year, the people said.

• BFF, BPCE, Generali declined to comment.

KEY CONTEXT

• Lisbon-based GamaLife was founded in 2019 by Apax and acquired Zurich Insurance Group's Italian life and pensions back book in 2022. The 2022 acquisition included a portfolio of life insurance policies and pension funds totalling 7 billion euros.

• Generali announced the acquisition of the Spanish unit of U.S. insurer Liberty Mutual for 2.3 billion euros in 2023.

• BPCE agreed on the acquisition of Novo Banco in June this year. Novo Banco has a distribution agreement with GamaLife.

($1 = 0.8676 euros)

(Reporting by Andres Gonzalez and Gianluca Semeraro. Aditional reporting by Elvira Pollina, Mathieu Rosemain. Editing by Anousha Sakoui and Louise Heavens)

((andres.gonzalez@thomsonreuters.com ; +44 (0) 7551 790019))

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The 2022 <span>acquisition </span>included a portfolio of life insurance policies and pension funds totalling 7 billion euros.</p><p>• Generali <span>announced </span>the acquisition of the Spanish unit of U.S. insurer Liberty Mutual for 2.3 billion euros in 2023. </p><p>• BPCE agreed on the acquisition of Novo Banco in June this year. Novo Banco has a distribution agreement with GamaLife.</p><p>($1 = 0.8676 euros)</p><p> (Reporting by Andres Gonzalez and Gianluca Semeraro. Aditional reporting by Elvira Pollina, Mathieu Rosemain. Editing by Anousha Sakoui and Louise Heavens)</p><p> ((andres.gonzalez@thomsonreuters.com ; +44 (0) 7551 790019))</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK1601","symbol_name":"香港本地股","start_time":0,"source_url":"https://api.refinitiv.com/data/news/v1/stories/urn:newsml:reuters.com:20251120:nL6N3WV0RV:1","article_id":"2584133743","we_media_id":"1032215980","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2584133743","pubTimestamp":1763637312,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Reuters","introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"id":"1032215980","head_image":"https://community-static.tradeup.com/news/4567337cbdf294b657b1fa87c5488b48"},"summary":"Generali, BFF Bank and BPCE line up offers for Apax's insurer GamaLife, sources sayBy Andres Gonzalez and Gianluca Semeraro. LONDON, Nov 20  - Insurer Generali GAS.MI, Milan-listed BFF Bank BFF.MI and France's BPCE have advanced to the second round of bidding to acquire European life insurance consolidator GamaLife from Apax Partners, two sources familiar with the matter said.Buyout group Apax is targeting a valuation of about 600 million euros  for GamaLife, the sources said.DEAL DETAILS Apax expects binding offers in the coming weeks and aims to reach a deal early next year, the people said.  BFF, BPCE, Generali declined to comment. KEY CONTEXT Lisbon-based GamaLife was founded in 2019 by Apax and acquired Zurich Insurance Group's Italian life and pensions back book in 2022. The 2022 acquisition included a portfolio of life insurance policies and pension funds totalling 7 billion euros. Generali announced the acquisition of the Spanish unit of U.S. insurer Liberty Mutual for 2.3 bill","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK1601":"香港本地股","BK1114":"服装零售","01150":"米兰站","BK1511":"疑似财技股","BK1602":"香港零售股"},"translate_title":"消息人士称，忠利保险(Generali)、BFF银行(BFF Bank)和BPCE正在为Apax旗下保险公司GamaLife提供报价","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"01150":0.9},"content_text":"Generali, BFF Bank and BPCE line up offers for Apax's insurer GamaLife, sources say By Andres Gonzalez and Gianluca Semeraro\nLONDON, Nov 20 (Reuters) - Insurer Generali GAS.MI, Milan-listed BFF Bank BFF.MI and France's BPCE have advanced to the second round of bidding to acquire European life insurance consolidator GamaLife from Apax Partners, two sources familiar with the matter said.Buyout group Apax is targeting a valuation of about 600 million euros ($691.56 million) for GamaLife, the sources said.DEAL DETAILS• Apax expects binding offers in the coming weeks and aims to reach a deal early next year, the people said. • BFF, BPCE, Generali declined to comment. KEY CONTEXT• Lisbon-based GamaLife was founded in 2019 by Apax and acquired Zurich Insurance Group's Italian life and pensions back book in 2022. The 2022 acquisition included a portfolio of life insurance policies and pension funds totalling 7 billion euros.• Generali announced the acquisition of the Spanish unit of U.S. insurer Liberty Mutual for 2.3 billion euros in 2023. • BPCE agreed on the acquisition of Novo Banco in June this year. Novo Banco has a distribution agreement with GamaLife.($1 = 0.8676 euros) (Reporting by Andres Gonzalez and Gianluca Semeraro. Aditional reporting by Elvira Pollina, Mathieu Rosemain. 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