Completed the sale of 100% of Fata Assicurazioni Danni to Cattolica. This was announced by the Generali group in a note today, announcing that the total gross value, following the price adjustment procedure, was 194,7 million compared to the 179 million announced upon signing in November. The sale allows Generali to "further strengthen its liquidity profile and capital solidity with an improvement of 0,7 percentage points in the Solvency index".
Fata is a company specialized in the agricultural sector and active throughout the national territory. In 2013, it collected direct business premiums of €444m, recorded a combined ratio of 92,1%2 and a net profit of €10m. At the end of 2013, shareholders' equity amounted to 136,4 million euro, with a solvency ratio (Solvency I) of 202%.
For the Cattolica company, the operation aimed at 'strengthening its presence in the agricultural and agri-food sector. “The increase in market share – reads a note – will lead Cattolica to be the fourth Italian group in the non-life business and to the leadership in the agricultural segment”. Cattolica was assisted in the transaction by Société Générale and by Mediobanca as financial advisors, by the Gianni Origoni Grippo Cappelli studio for the legal aspects and by Mazars for the accounting, tax and actuarial aspects.
The market is now awaiting the Telco dossier in which the Lion has already expressed his willingness to disengage: between 15 and 30 June a technical window opens which allows Telco shareholders to cancel the current agreements and take possession directly of the share. Also on the table in this period is the negotiation with Banco Btg Pactual for the sale of Bsi, announced on 14 May last.
