Generali China deal tops Q1’24 APAC transactions

Generali agreed to buy a 51% stake in Generali China Insurance.

Assicurazioni Generali SpA's acquisition of its Chinese property and casualty insurance business was the largest deal in the Asia Pacific insurance market in the first quarter of the year (Q1’24), according to S&P Global Market Intelligence. 

Generali agreed to buy a 51% stake in Generali China Insurance from CNPC Capital for approximately CNY774m. 

This transaction marks the first time a foreign company has obtained a controlling stake in a Chinese property and casualty insurer from a single state-owned entity through a mandatory public auction.

The second-largest deal was Pepper Money's purchase of the remaining 35% stake in Australia's Stratton Finance for $27.4m, completed on March 28. This followed Pepper Money's initial 65% acquisition in July 2022.

The third-largest deal was Nova Insurance Consultants’ pending acquisition of Beijing Nova Insurance Services for CNY143m, making it an indirect wholly-owned subsidiary of FSE Lifestyle Services.

Southeast Asia was the most active region with six of the 21 deals in Q1’24. Notable transactions included FWD Group Holdings acquisition of an additional 21% stake in Malaysia's FWD Takaful Bhd., raising its total shareholding to 70%, and JAB Capital Bhd. exiting as a shareholder. 

ALSO READ: Generali revamps organisational structure

Other deals involved Bridge Specialty's acquisition of Acorn International Network Pte.  in Singapore, Pacific Prime Insurance Brokers' acquisition of MIT Insurance Brokers Sdn Bhd. in Malaysia, Sunday's purchase of a 99% stake in PT KSK Insurance Indonesia, Roojai's acquisition of PT Lifepal Technologies Indonesia, and an undisclosed buyer purchasing a 9.83% stake in Vietnam's Saigon - Hanoi Insurance Corp.

South Korea's largest deal was GeneXon’s $7.5m pending acquisition by Chungho ICT, expected to close on 10 May.

Tian Ruixiang Holdings, via TRX HongKong Investment, agreed to buy Peak Consulting Services from Yuefu for $1.5m to expand into the Hong Kong insurance brokerage market.

In Vanuatu, Tower agreed to sell its Tower Insurance (Vanuatu) subsidiary to Capital Insurance Group for about NZ$1.6m. 

This is part of Tower's strategy to streamline its Pacific operations, following the sales of its Papua New Guinea and Solomon Islands businesses to Trans Pacific Assurance.

Other notable transactions included Howden Group Holdings's acquisition of Australia's Silks Insurance Pty. , Arthur J. Gallagher & Co. (Aus) 's merger with Ansin Insurance Brokers, and Toyota Tsusho Insurance Partners Corp.'s pending acquisition of JTEKT Service's insurance agency business.