Phlavia Investimenti, the Italian holding owned by the international private equity firm Cinven and already controlling the Italian insurer ERGO Previdenza, announces that it has completed the acquisition of Old Mutual Wealth Italy ("OMWI"), a leading Italian insurance company specialised in the unit-linked market. The completion follows the agreement announced on 9th August 2016 and the proper authorisation received by the Italian insurance supervisor, IVASS (Istituto per la Vigilanza sulle Assicurazioni).
Erik Stattin, Group CEO of Phlavia Investimenti, commented:"We are extremely satisfied to announce this new milestone on our path to become a consolidator in the Italian market. We have already sold our non-life insurance company in order to concentrate on life insurance; the acquisition of OMWI is another step to strengthen our position through financial, operational and commercial synergies and diversify our product portfolio and distribution network, generating further cross selling opportunities for our business."