Generali, BFF Bank and France’s BPCE have progressed to the next stage of the bidding process to acquire GamaLife from Apax Partners, reported Reuters, citing two familiar sources.

Apax Partners is aiming for a valuation close to €600m for the European life insurance consolidator.

Buy-out group Apax Partners expects to receive binding offers in the coming weeks, with the goal of reaching an agreement in early 2026, the sources said.

BFF, BPCE and Generali declined to provide comments, reported Reuters.

GamaLife, based in Lisbon, Portugal, was established in 2019 by Apax Partners.

In 2022, GamaLife acquired Zurich Insurance Group’s Italian life and pensions portfolio, which included life insurance policies and pension funds amounting to €7bn.

In 2023, Reuters reported that Generali had announced the purchase of the Spanish arm of Liberty Mutual, a US insurer, for €2.3bn.

At the time, Generali indicated that the transaction was expected to decrease its group regulatory solvency ratio by 9.7 percentage points. Citigroup and Credit Suisse acted as financial advisers for the deal.

Earlier this year, BPCE agreed to acquire Novo Banco. Novo Banco has a distribution deal with GamaLife, the media outlet reported.

This month, Generali announced the appointment of Giulio Terzariol as director generale – group deputy CEO, reflecting changes in its executive team.

According to the company, this adjustment is connected to its Lifetime Partner 27: Driving Excellence strategy and aims to improve governance across its main business areas.

Terzariol is responsible for overseeing Generali’s insurance operations and Banca Generali, in collaboration with the group CEO.

In October 2025, Alleanza Assicurazioni and Banca Generali formed a partnership to expand their offerings through ‘insurbanking’ solutions.

This partnership is designed to integrate Alleanza’s distribution network with Banca Generali’s expertise in private banking and investment.