Phlavia Investimenti, leader of a group pursuing a strategy of consolidating the life insurance market in Italy, has received from the Insurance Supervisory Authority the authorization to complete the acquisition of Eurovita Assicurazioni, an insurance company specializing in bancassurance. The closing of the transaction is expected by the end of August. Phlavia is controlled by the international private equity fund Cinven, which acquired the company in June 2016.
IVASS has also authorized the merger of the subsidiaries of Phlavia Ergo Previdenza, Old Mutual Wealth Italy and Eurovita Assicurazioni.
Together, the three companies are among the leading life insurance companies in Italy, with over 2,5 billion in premiums and 16,8 billion in gross reserves in 2016. Following the transaction, the group will be able to offer life insurance products through more than 150 agents, over 11 financial advisors and more than 2.500 bank branches.
"We are very pleased that Eurovita Assicurazioni has become part of our Group - said Erik Stattin, Group CEO of Phlavia Investimenti - This operation is very important for our business, because it allows us to complete our product range and to oversee all market segments, with an extensive network that includes agents, financial advisors and bank branches, further consolidating our presence in the sector in Italy. The operation will also lead to the creation of a stable group, with a solid financial performance and a high diversification in terms of product portfolio and distribution network, to the benefit of our customers”.
