News in the world of insurance. Intesa Sanpaolo and BNP sign an agreement for the purchase of 100% of Cargeas Assicurazioni Spa. Standard Ethics has raised Cattolica Assicurazioni's rating from “E+” to “EE-“.
In detail, Intesa Sanpaolo Vita and BNP Paribas Cardif – active in the global supply of insurance services – have signed a memorandum of understanding which contains the essential elements of a subsequent definitive agreement to take over 100% of Cargeas Assicurazioni Spa – a non-life insurance company operating in the bancassurance sector mainly through the UBI Banca banking network. The total price is 390 million euro which will be fully paid upon completion of the transaction.
In 2020, the insurance company registered a Non-Life premium income of around 226 million euro, placing solutions in the motor, property, health, credit protection, business and income protection sectors, with around 600 customers throughout Italy.
The signing of the final agreement is expected within end of February 2021, while the completion of the transaction is expected in the first half of the current year and is subject to the release of the necessary authorizations by the competent authorities. BNP thus confirms its role as a global provider of insurance services, including casualty in Italy.
This initiative is consistent with Intesa Sanpaolo's growth strategy in the non-life business. Furthermore, significant synergies are expected as well as an alignment with the Group's standards regarding Corporate Governance, Risk Control and service levels.
As for the Stock Exchange, it was a positive day for Intesa Sanpaolo which scored a 2.33% markup. Today, Monday 8 February 2021, the Group's share recorded its maximum at 2.0955 euros, a result higher than that of the previous session which confirms its positive trend.
The independent agency Standard Ethics has raised Cattolica Assicurazioni's rating from the previous "E+" to "EE-".
In its report, the agency states that the process undertaken in recent years by Cattolica Assicurazioni in the context of ESG (Environmental, Social and Governance) topics has been focused on environmental and social aspects and which also concerned non-financial reporting, the management of financial assets, as well as commercial aspects.
After the transformation project into SpA and the capital increase launched in 2020, the sustainability theme he also entered the sphere of corporate governance.
Furthermore, positive commitments and transformations were recorded for shareholder rights, for the qualitative and quantitative composition of the Board of Directors and for the selection of Directors.
