By Pietro Lombardi

Assicurazioni Generali SpA (G.MI) said Tuesday that it has agreed to sell the non-life run-off portfolio of its British branch to Compre Group.

Generali didn't disclose financial details. The portfolio, Generali said, has about 300 million euros ($353.4 million) in liabilities. A run-off portfolio is one that will be managed until all policies mature, with no new policies being issued.

The sale "allows Generali to release capital, reduce costs, and remove the potential source of volatility inherent in such long-tail business lines," Chief Financial Officer Luigi Lubelli said.

The deal will improve Generali's capital position, the company said.

Write to Pietro Lombardi at pietro.lombardi@dowjones.com

(END) Dow Jones Newswires

December 19, 2017 06:12 ET (11:12 GMT)

Copyright (c) 2017 Dow Jones & Company, Inc.
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