Toscafund Considering Sale of Portuguese Insurer Caravela

Toscafund Asset Management, along with other minority shareholders of Caravela Seguros, is reportedly considering a sale of the Portuguese insurer. This information comes from sources familiar with the ongoing discussions.

Based in London, Toscafund holds a significant 48% stake in Caravela and has engaged Mediobanca to provide advisory services regarding the potential sale of its shares. The sources, who requested anonymity due to the private nature of the talks, indicated that Caravela’s other shareholders—a diverse group of over 20 investors—are also contemplating a sale of the company.

Representatives from Toscafund and Mediobanca have declined to comment on the matter. Additionally, attempts to reach Caravela for a statement were unsuccessful, as they did not respond to phone calls or emails.

Toscafund initially acquired its stake in Caravela at the end of 2019, investing €30 million (approximately $34.9 million) through a capital increase. Among the other shareholders is Mário Ferreira, who serves as the chairman and is the largest shareholder of the Portuguese media group Media Capital, as well as the owner of a cruise ship company. Ferreira has not yet responded to requests for comment.

According to Caravela’s latest earnings report, the company experienced a 17% increase in gross written premiums in 2024, reaching €187.7 million. This growth positions Caravela as the ninth-largest player in Portugal’s non-life insurance market, holding a 2.2% market share, as reported by Portugal’s insurance and pension fund regulator, ASF.

Copyright 2026 Bloomberg.

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Carriers

Toscafund Asset Management, along with other minority shareholders of Caravela Seguros, is reportedly considering a sale of the Portuguese insurer. This information comes from sources familiar with the ongoing discussions.

Based in London, Toscafund holds a significant 48% stake in Caravela and has engaged Mediobanca to provide advisory services regarding the potential sale of its shares. The sources, who requested anonymity due to the private nature of the talks, indicated that Caravela’s other shareholders—a diverse group of over 20 investors—are also contemplating a sale of the company.

Representatives from Toscafund and Mediobanca have declined to comment on the matter. Additionally, attempts to reach Caravela for a statement were unsuccessful, as they did not respond to phone calls or emails.

Toscafund initially acquired its stake in Caravela at the end of 2019, investing €30 million (approximately $34.9 million) through a capital increase. Among the other shareholders is Mário Ferreira, who serves as the chairman and is the largest shareholder of the Portuguese media group Media Capital, as well as the owner of a cruise ship company. Ferreira has not yet responded to requests for comment.

According to Caravela’s latest earnings report, the company experienced a 17% increase in gross written premiums in 2024, reaching €187.7 million. This growth positions Caravela as the ninth-largest player in Portugal’s non-life insurance market, holding a 2.2% market share, as reported by Portugal’s insurance and pension fund regulator, ASF.

Copyright 2026 Bloomberg.

Topics
Carriers