Italy’s largest insurer Generali has agreed to sell its property and casualty operations in Ireland and Northern Ireland to local units of Zurich Insurance for €337 million in cash. After the deal, Generali Spain will keep €51 million of excess capital from the RedClick-branded business.

Pending regulatory approval, the transaction is expected to bring capital gains to Generali and exert a roughly 1% impact on its Solvency II ratio.