Cattolica Insurance purchased from Banca Popolare di Vicenza – in compulsory administrative liquidation – 40% of Abc Insure, thus coming to check the 100% of the capital of the Veronese insurance company.
“The transaction is part of the broader context of rationalization and simplification of Cattolica – reads the company note – e it does not have a material impact on the solvency position of the group".
Abc Assicura closed the 2018 financial year (latest data available on the company website) with a loss of 490 thousand euros, which compares with the red of 747 thousand euros of the previous year.
Gross premiums written for direct and indirect business amounted to 139 thousand euros. The combined ratio of retained business was 255,8%, down on 31 December 2017 (106,7%).
The result of the financial management of investments instead stopped at 250 thousand euros, down by 66,6% compared to the 748 thousand euros of 2017.
Net income from investments reached 457 thousand euros, while net profits on investments were negative for 268 thousand euros.
Abc Assicura operates in the following Non-Life business areas: medical expense insurance; income protection; rc cars; other auto insurance; fire and other property damage insurance; general civil liability; judicial protection; assistance and pecuniary losses of various kinds.
As for the share on the stock exchange of Cattolica Assicurazioni, gained 0,95% at the opening, after closing Thursday's session at a price of 7,35 euros. In the last month, shares have gained 2%, while the six-monthly performance is substantially flat (+0,2%) and the one-year performance is even negative by more than 10 percentage points (-10,37%).
La Popular Bank of Vicenza – whose former leaders are to trial these days – went into compulsory administrative liquidation in 2017, causing crippling losses to savers to whom shares of the company had been sold.
