The president revealed that the ISP does not agree with the assessment that was done by Tranquility, which was given as security for a line of credit ESFG
The president of the Instituto de Seguros de Portugal (ISP), José Almaça, has no doubt that Tranquility was worth € 700 million.
Joseph Almaça compared this value evaluation which was attributed to Fidelity – the largest insurance market – when selling to Chinese Fosun,
“The price at which an insurer that has been sold is that Fidelity has a market share of 26 % was evaluated 1.1 billion. The Tranquility has 3.28% share of the market. Fidelity has € 13 billion of assets and Tranquility two billion assets. In my opinion not worth EUR 700 million “said Joseph Almaça at parliamentary inquiry the management of BES and Espirito Santo Group (GES).
The president of the ISP explained that” in a normal situation, without convulsions and without having behind BES group, with a market share of 3.28%, assets of EUR 1 270 million in assets, and a premium volume of EUR 400 million, the company [Tranquility] could be worth between 200 and 250 million . “
The Tranquility was sold to Apollo Global Management for € 215 million. This EUR 48 million will be forthe New Bank and EUR 150 million will be injected directly into Tranquility.
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