Italian major Assicurazioni Generali SpA entered into exclusive talks with French banking major Credit Agricole CAGR.PA to buy the bank’s health insurance unit La Medicale, both companies said in a joint statement on Wednesday.

Generali would also buy the death-coverage portfolio of Predica, a life insurer fully owned by Credit Agricole’s insurance business.

La Medicale’s annual premiums stood at 552 million euros ($618.3 million) at the end of last year, including EUR80 million in premiums related to Predica’s death coverage portfolio.

Created in 1948, La Medicale specialises in insuring health professionals.