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Acquisition of 25% of GNB Seguros in Portugal

On Monday 15 October 2018, CAA signed a memorandum of understanding on the acquisition of a 25% stake in the Portuguese non-life insurance company GNB Seguros, previously held by the insurer Tranquilidade. This takes our shareholding in GNB Seguros to 75%. The remaining 25% is held by the Portuguese bank Novo Banco, which is also its main distributor.

Acquisition of 25% of GNB Seguros in Portugal

This operation demonstrates our desire to keep developing our non-life business in Portugal and to consolidate our partnership with Novo Banco.

After the CreVal operation in July of this year, this new acquisition is also consistent with our strategy of working with partners outside the Group to promote our international growth.

This transaction is subject to approval by the Portuguese authorities.

Founded in 1996, GNB Seguros is Portugal’s 13th-biggest general insurer with over €77 M in gross premiums purchased at the end of 2017.
GNB Seguros’ main product ranges are homeowner, automobile and sickness insurance, which are mainly distributed through the Novo Banco distribution network and, more recently, via Credibom – Crédit Agricole’s Portuguese consumer credit entity.
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