Generali completes sale of US business to Scor for $910 mln

Reuters

MILAN, Oct 1 (Reuters) - Assicurazioni Generali,Italy's biggest insurer, said on Tuesday it had completed thesale of its U.S. life reinsurance business to France's Scor for total gross proceeds expected to be $910 million.

In June, Generali said it had agreed to sell the assets toScor for $920 million.

The deal is part of Generali's strategy to dispose ofnon-core assets to shore up capital.

Earlier this year, Generali's chief executive Mario Grecopledged to raise 4 billion euros ($5.41 billion) from non-coreasset sales by 2015.

Generali said in a statement it had received a cashcomponent of $779 million on Tuesday, adding $131 million ofcash collateral was expected to be completed on Wednesday.

The deal corresponded to an implied multiple of 15 times2012 earnings, Generali said.

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