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Generali could announce deal on U.S. asset on June 7-sources
May 30, 2013 / 3:27 PM / 5 years ago

Generali could announce deal on U.S. asset on June 7-sources

MILAN, May 30 (Reuters) - Italian insurer Generali will discuss its asset disposal plans at a board meeting on June 7 and the announcement of a deal to sell its U.S. reinsurance business cannot be ruled out, three sources close to the situation said on Thursday.

Italy’s biggest insurer is looking to raise 4 billion euros ($5.19 billion) from asset disposals to bolster its capital base.

Sources have previously said the group’s U.S. reinsurance assets and its BSI private banking business in Switzerland were on the block.

“The process (to sell the U.S. asset) is fairly advanced and could close in 10 or so days”, one of the sources said.

Earlier in May sources said French insurer Scor had emerged as lead bidder for the U.S. reinsurance business, estimated to be worth $800 million. ($1 = 0.7712 euros) (Reporting By Gianluca Semeraro, writing by Stephen Jewkes; Editing by Lisa Jucca)

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