Allianz Portugal has reached an agreement to acquire 100% of Caravela – Companhia de Seguros SA from Toscafund and other investors. The transaction is subject to approval by the Portuguese Insurance and Pension Funds Supervisory Authority (ASF) and the Portuguese Competition Authority. Following the closing of the transaction, Allianz Portugal expects its market share to increase by 2.3%.
Caravela has a non-life insurance portfolio and recorded gross premiums of 213 million euros in 2025. Its distribution network includes more than 800 agents and brokers.
The transaction represents a significant development in the Portuguese insurance sector and reinforces the consolidation and investment trend in this market. Linklaters and Pérez-Llorca acted as advisors on the deal.
Allianz Portugal described the acquisition as “a significant milestone” and “a clear demonstration of our confidence in the Portuguese market.” The company added that, after receiving the necessary approvals, its priority will be to ensure a smooth integration and maintain customer confidence. According to sources close to the deal, the transaction is expected to be completed before the end of this year.
Advisory teams:
Linklaters provided advisory services on the sale side of the transaction through a multidisciplinary team led by the Corporate/M&A practice, comprised of Marcos de Sousa Monteiro, managing partner and partner in the practice; Mariana Serra Baptista, counsel; and Nuno Devesa Neto, associate. The Linklaters team also benefited from the contributions of the Tax, Financial Regulatory, and Competition practices, ensuring integrated advice across all relevant aspects of the transaction.
In the Tax area, the team included Rui Camacho Palma, partner and head of Tax; Inês Pisco Bento, counsel; and Maria Lima Ferreira, associate, both from the Tax area. Regarding insurance regulation, the advice was provided by Vera Ferreira Lima, partner in Capital Markets and head of the Financial Regulatory Group; and Rita Albuquerque, associate in the same area. In the Competition area, the team consisted of João Pateira Ferreira, counsel and head of Antitrust and Foreign Investment; Margot Lopes Martins, managing associate; and Tomás Cunha, associate, both from the Antitrust and Foreign Investment area.
For its part, Pérez-Llorca provided comprehensive multi-jurisdictional advice to Allianz through a multidisciplinary team. In Portugal, the Corporate team was led by partner Manuel Cordeiro Ferreira, with the participation of lawyers Rita Braga Themido and João Policarpo; the Insurance and Reinsurance area included partner Inês Palma Ramalho and lawyers Sara Fróis Guerra and Matilde Mesquita Nunes; the Tax area was led by partner Susana Estêvão Gonçalves and lawyer Nicolle Barbetti; and the Competition area was led by partner Rita Leandro Vasconcelos and lawyer Sofia Vilas-Boas.
In Spain, the Corporate team was led by partner Felipe Vázquez, with the participation of lawyers Isa Rodrigues and Diego Alcalde; the Insurance and Reinsurance area included partner Rafael Fernández and lawyers Eduardo Díaz, Ángela Yubero and Javier Navas; the Tax area was led by lawyer Sergi Aguilar; and the Competition area by partner Juan Jiménez-Laiglesia.
