Italian insurers sweep up policies from defunct rival Eurovita

An array of Italian insurers plus  Allianz will step forward to pick up the bulk of policies from defunct Italian peer Eurovita, parallel statements from  Generali and the Italian market regulator indicated.

Generali, Allianz, Intesa Sanpaolo Vita, Poste Vita and UnipolSai along with 25 bank distributors struck terms for the deal.

Eurovita policies will be transferred to a new entity now being set up which will be owned by the five insurers.

The deal, long awaited after Eurovita fell into straits and regulator administration, “provides a clear signal of confidence to the market, and to Eurovita’s customers,” Generali said in its announcement.

The Italian market regulator IVASS has extended its freeze on the accounts and its suspension of redemption rights to end-October to grease the process.

Eurovita fell into financial constraints on the vicissitudes of the 2022 bond market reversal, eventually hobbling along for a period on a new dose of capital from PE backer Cinven.

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