Generali, BFF Bank and BPCE advance in GamaLife acquisition bidding process

Group 1 - Generali, BFF Bank, and BPCE have advanced to the next stage of the bidding process to acquire GamaLife from Apax Partners, with a valuation target of approximately €600 million [1] - Apax Partners expects to receive binding offers in the coming weeks, aiming for an agreement by early 2026 [1] - GamaLife, established in 2019, acquired Zurich Insurance Group's Italian life and pensions portfolio in 2022, which included policies and funds worth €7 billion [2] Group 2 - Generali announced the purchase of Liberty Mutual's Spanish arm for €2.3 billion, which is expected to decrease its group regulatory solvency ratio by 9.7 percentage points [3][2] - BPCE has previously agreed to acquire Novo Banco, which has a distribution deal with GamaLife [3] - Generali appointed Giulio Terzariol as group deputy CEO, reflecting changes in its executive team to enhance governance in line with its Lifetime Partner 27 strategy [4] Group 3 - The partnership between Alleanza Assicurazioni and Banca Generali aims to integrate distribution networks with private banking and investment expertise [5]