Generali has reached an agreement to sell its Property & Casualty business in Ireland and Northern Ireland to Zurich. The business is currently managed through the Irish and UK branches of Generali Spain under the RedClick brand.

The transaction is valued at €337 million in cash, subject to adjustments upon completion, according to a statement. The deal is expected to generate a capital gain to be determined at closing.

Generali Spain will retain €51 million in excess capital currently allocated to the Irish P&C operations.

The transaction will have a negligible impact on normalized EPS and an estimated positive impact of approximately 1 percentage point on the group's Solvency II Ratio, the statement added.

Full press release

(Claudia Cristoferi, editing Sabina Suzzi)