GamaLife Acquisition: Bidding Process Progresses
Apax Partners, a leading private equity firm, has moved closer to selling its European life insurance consolidator, GamaLife. According to reports from Reuters, insurance giants Generali, BFF Bank, and France’s BPCE have advanced to the next stage of the bidding process.
Aiming for a High Valuation
Apax Partners is reportedly targeting a valuation close to €600m for GamaLife. As the bidding process unfolds, the buy-out group anticipates receiving binding offers in the coming weeks and strives to reach a consensus by the beginning of 2026.
GamaLife: A Brief Overview
Established in 2019 by Apax Partners, GamaLife is a Lisbon-based firm that has made significant strides in the European insurance industry. In 2022, the firm took over Zurich Insurance Group’s Italian life and pensions portfolio, which consisted of life insurance policies and pension funds totaling €7bn.
Generali, BFF Bank, and BPCE: A Closer Look
While the bidding entities – Generali, BFF Bank, and BPCE – have refrained from commenting on the process, their interest in the acquisition is noteworthy. Generali, for instance, recently purchased the Spanish arm of Liberty Mutual, a US insurer, for €2.3bn – a move that decreased its group regulatory solvency ratio by 9.7 percentage points. Meanwhile, BPCE agreed to acquire Novo Banco earlier this year, a bank with a distribution deal with GamaLife.
Generali’s Recent Developments
Generali, a leading player in the global insurance and financial products market, has recently announced significant changes in its executive team. Giulio Terzariol was appointed as Director Generale – Group Deputy CEO, a move aligned with its ‘Lifetime Partner 27: Driving Excellence’ strategy. This strategy aims to enhance governance across the company’s primary business areas. Terzariol’s responsibilities include overseeing Generali’s insurance operations and Banca Generali, in collaboration with the group CEO.
Generali’s Partnership with Alleanza Assicurazioni
In October 2025, Generali further strengthened its position by forming a partnership with Alleanza Assicurazioni. This collaboration aims to expand their offerings through ‘insurbanking’ solutions, integrating Alleanza’s distribution network with Banca Generali’s expertise in private banking and investment.
As the bidding process for GamaLife continues, industry observers await the outcome with keen interest, given the potential impact on the European insurance sector. To stay updated with the latest industry insights, sign up for our daily news round-up here.
