Allianz has entered advanced talks to buy Caravela Seguros after submitting an offer for the Portuguese insurer, according to people familiar with the matter, according to Bloomberg. The discussions remain private, and the people requested anonymity because the information is confidential.
Allianz is now discussing a potential acquisition with Caravela’s shareholders. The talks continue, and the process still might end without a binding offer or signed transaction.
London-based Toscafund owns 48% of Caravela and hired Mediobanca to advise on the sale of its stake. Caravela’s other shareholders, a group of more than 20 investors, also plan to sell their holdings in the insurer.
The Lisbon-based company might be worth about €150 mn, one person familiar with the process said.
A purchase would strengthen Allianz’s Portuguese non-life business. Caravela ranks seventh in Portugal’s non-life insurance market and holds a 2.6% share, giving Allianz extra scale in a market where local distribution and claims reach still matter.
Italian insurer Reale Mutua has also considered a bid for Caravela, Corriere della Sera reported last month, citing general manager Luca Filippone. That interest suggests the auction has drawn regional buyers looking for bolt-on growth in Iberian personal and commercial lines.
Toscafund acquired its Caravela stake in late 2019 through a €30 mn capital increase. Other shareholders include Portuguese businessman Mário Ferreira, chairman and largest shareholder of Portuguese media group Media Capital.
Portuguese newspaper Jornal Economico reported earlier that Allianz was in talks to acquire Caravela.
According to Beinsure analysts, the potential deal fits Allianz’s preference for selective scale in mature European insurance markets.
Caravela’s 2.6% market share would not transform Allianz’s Portuguese position on its own, but it would add premium volume, distribution depth, and local underwriting data in non-life lines.
For Caravela’s shareholders, the timing looks practical. A sale to a larger European insurer would offer liquidity after Toscafund’s 2019 investment and place the company inside a balance sheet with broader product capacity.
For Allianz, the risk sits in valuation discipline and whether the insurer secures enough operating efficiency to justify a €150 mn price tag.
