The first one is called Seguradoras Unidas, which has the second largest non-life business in the country, as well as a life segment.
The second firm is a healthcare services platform named AdvanceCare and is the second largest private player in Portugal.
Generali has bought the two companies from Calm Eagle and Calm Eagle Parent respectively, which are majority owned by investment funds managed by some affiliates of Apollo Global Management.
Seguradoras is set to be acquired for €510m (£457.2m, $572.7m) and AdvanceCare for €90m.
“With the acquisition of Seguradoras Unidas, Generali will become the second largest group in the Portuguese non-life segment,” said Jaime Anchústegui Melgarejo, chief executive international at Generali.
“The transaction will enable us to optimise our strategic positioning in the country, to capture future growth opportunities, to achieve significant cost synergies through the integration of Generali Portugal and Seguradoras Unidas and to ensure the operational solidity of Europ Assistance in the Portuguese market.
“The acquisition of AdvanceCare, which has a diversified institutional customer base, will also help the group to acquire strong know-how in the healthcare sector and a scalable platform to develop in other countries.
“These acquisitions are an important step in the implementation of the group’s three-year strategy, which aims to strengthen our leadership in Europe,” Melgarejo added.