At what enterprise value was CARAVELA SEGUROS acquired in 2026?

During the acquisition of CARAVELA SEGUROS by ALLIANZ in 2026, the company was valued at an estimated revenue multiple of below 5x. The transaction's Enterprise Value is estimated to be in the range of 100M - 350M EUR. By registering for free, you get access to complete and exact transaction details including enterprise value, revenue, and EBITDA. Additionally, our database shows that the Financial Services industry currently tracks an average EBITDA multiple of 13.1x, providing a valuable benchmark for this transaction.

What was the EV/EBITDA of CARAVELA SEGUROS when it was acquired by ALLIANZ?

The exact EV/EBITDA multiple for CARAVELA SEGUROS is available on mynth capital. For comparison, the Financial Services sector currently shows an average EBITDA multiple of 13.1x. Join our community for free to access full valuation data and industry trends.

When was CARAVELA SEGUROS acquired by ALLIANZ?

CARAVELA SEGUROS was acquired by ALLIANZ in 2026.

What was the revenue of CARAVELA SEGUROS at the time of the deal?

The revenue of CARAVELA SEGUROS at the time of the deal is estimated to be in the range of 150M - 250M EUR. Register for free to access the full transaction report and exact valuation multiples.

What is Enterprise Value (EV)?

Enterprise Value (EV) is a measure of a company's total value, often used as a more comprehensive alternative to equity market capitalization. EV includes in its calculation the market capitalization of a company but also short-term and long-term debt as well as any cash on the company's balance sheet.

What is the EV/EBITDA multiple and why is it used?

The EV/EBITDA multiple is a financial ratio that compares a company's Enterprise Value (EV) to its Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA). It is widely used in M&A and valuation because it allows for comparisons between companies with different capital structures and provides a clear view of operational profitability.

How is the data for the CARAVELA SEGUROS acquisition sourced and is it reliable?

Mynth data is contributed by a professional community of M&A and Private Equity experts. Each transaction, including the CARAVELA SEGUROS deal, is systematically cross-verified by our team using private deal documents and official sources. You can also find the official press release for this transaction here: https://beinsure.com/news/allianz-in-talks-to-buy-portugals-caravela-seguros/

← DATABASE

Home Database Financial ServicesCARAVELA SEGUROS

06/2026

CARAVELA SEGUROS acquired by ALLIANZ

PORTUGAL Insurance EV 100M - 350M EUR

Context

Allianz acquire 100% of Caravela Seguros as part of its programmatic consolidation strategy designed to expand in the Iberian non-life market. The ongoing ownership transition marks a synchronized liquidity event for the London-based investment firm Toscafund, which acquired a 48% stake via a 30 million euro growth capital injection in 2019, and a fragmented syndicate of over twenty domestic minority co-investors who engaged Mediobanca to run a structured exit process that attracted cross-border interest from peers such as Reale Mutua. The strategic fit relies on capturing Caravela’s established local distribution relationships and folding its underwriting data into Allianz’s automated pricing models, turning separate administrative operations into integrated margin expansion. Following regulatory change-of-control approvals from local insurance watchdogs, the integration roadmap will prioritize systems migration, policy wording harmonization, and cross-selling the group’s broader specialty lines into Caravela's broker channels, preserving localized broker alignment while eliminating duplicative mid-office overheads.

CARAVELA SEGUROS, which reported an EBITDA margin of LOGIN in 2025, is valued in this transaction at an EV/EBITDA multiple of LOGIN, a level to compare with the average currently observed in the Financial Services sector (13.1x).

Note that this data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.

-> Deep-dive in Financial Services market trends

Target

Caravela Seguros is a Lisbon-headquartered non-life underwriting corporate entity that sources, prices, and administers property and casualty insurance products covering automotive, property, and commercial liability risks across the Portuguese market. The business produces underwriting cash flows by collecting upfront insurance premiums from local retail clients and small-to-medium enterprises, utilizing a distribution network of independent regional brokers and dedicated tied agents to drive policy count. Operational execution hinges on statistical loss modeling and accurate claims reserving practices, as technical margins are sensitive to localized medical and structural repair cost inflation that impacts the company’s net combined ratio. Holding a 2.6% national non-life market share as Portugal's seventh-largest specialized carrier, the business operates with limited standalone balance sheet scale, making its underwriting capacity dependent on programmatic corporate reinsurance treaties to insulate its capital reserves from severe single-event claim concentrations.

Ent. Value

Equity Value

Multiples

EV / Revenue

EV / EBITDA

EV / EBIT

Historical Financials (EUR)

Year

Rev

EBITDA

EBIT

2025

2024

Similar deals in Financial Services

List of similar M&A transactions (Date, Acquirer, Target, Country, Sector, Deal Context)
Date	Acquirer	Target	Country	Sector	Deal Context
06/2026	HOWARD HUGHES HOLDINGS	VANTAGE RISK	UNITED STATES	Insurance	The 100% all-cash acquisition of Vantage Group Holdings by Howard Hughes Holdings for 2.1 billion dollars presents the acquirer's strategic reclassification into a diversified holding company, using the permanent capital characteristics of reinsurance float to secure a non-discretionary capital engine
06/2026	PROSUS / DARA HOLDINGS	ALAN	FRANCE	Insurance	Alan has completed a new €480 million funding round with Dutch group Prosus, which is joining the company's capital structure, and existing investors Teachers' Venture Growth and Index Ventures. UK-based family office Dara Holdings is also participating in the round as a new shareholder
06/2026	BELFIUS	LEOCARE	FRANCE	Insurance	In June 2026, Belfius Insurance, a subsidiary of the Belgian Belfius Group, completed the acquisition of 100% of Insurlytech's share capital, the parent company of French insurtech firm Leocare. The all-cash transaction marks the exit of key financial investors, including Eight Roads, Felix Capital, Daphni, and Ventech, which had invested in the company through various funding rounds between 2021 and 2022
03/2026	INDEX VENTURES	ALAN	FRANCE	Insurance	Alan has successfully closed a €100 million Series G funding round, propelling its post-money valuation to €5 billion. The round was led by existing investor Index Ventures, with participation from Belfius Bank and several new high-profile entrants, including GreenOaks, Kaaf Investments, and prominent individual investors such as Shopify founder Tobi Lükte and footballer Antoine Griezmann
01/2026	AXA	PRIMA ASSICURAZIONI	ITALY	Insurance	Axa acquired a 51% stake in Prima Assicurazioni for EUR500 million. The deal includes put/call options for the remaining 49% based on future earnings. This strategic move allows Axa to double its motor insurance footprint in Italy and leverage Prima's best-in-class digital distribution technology
10/2025	PALOMAR	THE GRAY CASUALTY & SURETY	UNITED STATES	Insurance	Palomar Holdings acquired 100% of The Gray Casualty & Surety Company from Bernhard Capital Partners. The acquisition is a transformative step for Palomar's surety franchise, significantly increasing its market share and geographic reach
03/2025	ALLIANZ / BLACKROCK / T&D HOLDINGS	VIRIDIUM GROUP	GERMANY	Insurance	The acquisition of Viridium Group by a consortium including Allianz, BlackRock, and T&D Holdings is a strategic move to strengthen the position of these companies in the European life insurance market
09/2024	TITLE RESOURCES GROUP (TRG)	DOMA	UNITED STATES	Insurance	The acquisition of Doma Holdings by Title Resources Group (TRG) represents a landmark consolidation in the U.S. title insurance market. A unique strategic component of the deal involves the separation of Doma’s assets: Doma’s underwriting division (DTI) becomes a wholly owned subsidiary of TRG, while its technology division (Doma TechCo) will operate as a separately capitalized sister company
07/2023	SANTIANE	JULIA ASSURANCE	FRANCE	Insurance	The acquisition of Julia Assurance by Santiane marks a strategic move by the latter to diversify its services and expand its market footprint. By partnering with Julia Assurance, Santiane aims to strengthen its position in the French insurance market and capitalize on the growing demand for loan insurance
12/2019	WATFORD	AXERIA IARD	FRANCE	Insurance	As part of its strategic refocusing on insurance brokerage, April Group sold Axeria IARD to WATFORD. This divestment allows April to exit the capital-intensive risk-carrying business and operate as a pure wholesale broker, while securing a long-term partnership with the carrier

REFERENCES

Valuation range: EV 100M - 350M EUR

Revenue range: 150M - 250M EUR

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of CARAVELA SEGUROS by ALLIANZ are reserved for mynth community members. Register for free to unlock full data.

Authors: verified mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).

Target: caravela seguros

Acquirer: allianz