Toscafund Asset Management, together with other minority investors, is considering divesting its interests in Caravela Seguros, a non-life insurance provider based in Portugal, reported Bloomberg, citing sources.
Toscafund, headquartered in London and holding a 48% stake in Caravela, has appointed Mediobanca to advise on the possible sale, the unnamed sources told the news agency.
Other shareholders, totalling more than 20 investors, are also evaluating their options regarding a potential exit.
A spokesperson for Toscafund and Mediobanca declined to provide statements.
Caravela Seguros did not respond to requests for comment via phone or email.
Toscafund initially invested €30m ($34.9m) in Caravela Seguros at the end of 2019 as part of a capital increase.
Among the remaining shareholders is Mário Ferreira, chairman of Media Capital and owner of a cruise ship company.
Ferreira did not immediately reply to inquiries.
Caravela’s gross written premiums totalled €187.7m in 2024, up 17% from the previous year, the news agency added, citing financial reports.
Data from regulator ASF places Caravela ninth among non-life insurers in Portugal with a 2.2% market share.
The insurer’s portfolio includes policies for individuals and businesses across categories such as health, various liability covers, motor vehicles, property, travel and workplace accidents.
“Toscafund weighs sale of Portuguese insurer Caravela” was originally created and published by Life Insurance International, a GlobalData owned brand.
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