LONDON, Nov 20 (Reuters) – European financial heavyweights Generali, BFF Bank, and France’s BPCE have progressed to the second round of bidding for GamaLife, a growing European life insurance consolidator owned by private equity firm Apax Partners, according to two sources familiar with the matter.

Apax is seeking a valuation of approximately €600 million ($691.56 million) for GamaLife as the sale process accelerates.

Binding Offers Expected Soon as Competition Tightens

Sources indicate that Apax expects binding offers in the coming weeks, with the goal of finalising a deal early next year. The potential sale marks one of the most notable life insurance consolidation transactions underway in Europe heading into 2026.

Representatives for Generali, BFF Bank, and BPCE declined to comment on the ongoing process.

GamaLife’s Rapid Growth: Key Background

GamaLife, headquartered in Lisbon, was founded in 2019 by Apax Partners with a strategy focused on acquiring and managing life insurance and pension portfolios across Europe.

A major milestone came in 2022, when GamaLife acquired the Italian life and pensions back book of Zurich Insurance Group. This acquisition added a robust portfolio consisting of approximately €7 billion in life insurance policies and pension fund assets, significantly expanding GamaLife’s presence in the Italian market.

Why Major Players Are Interested

Generali’s Expansion Strategy

Generali, one of Europe’s largest insurance groups, has been actively strengthening its foothold in Southern Europe. In 2023, it acquired Liberty Mutual’s Spanish insurance unit for €2.3 billion, underscoring its appetite for scale and consolidation.

BPCE’s Strategic Positioning

French banking group BPCE has also been on a deal-making streak. Earlier this year, it agreed to acquire Novo Banco, a Portuguese lender that maintains a distribution partnership with GamaLife — a factor that could make BPCE a strategically aligned buyer.

BFF Bank’s Growing Influence

Milan-listed BFF Bank is another serious contender, leveraging its financial services expertise to expand into complementary sectors such as insurance and asset management.

What’s Next for the Apax-GamaLife Sale

The sale process remains competitive as the shortlisted bidders refine their valuations and strategic proposals. With strong interest from three major European institutions, analysts expect the deal to be one of the largest and most closely watched insurance transactions entering 2026.

The conclusion of the sale will depend on regulatory considerations, final offer structures, and Apax’s evaluation of long-term strategic alignment for GamaLife’s continued growth.