Phlavia Investimenti receives regulatory approval for the acquisition of Eurovita
Milan, August 3rd, 2017 – Phlavia Investimenti (“Phlavia”), the Italian group pursuing a consolidation strategy of the Italian life insurance industry, has received authorisation from the Italian insurance supervisor, Istituto per la Vigilanza sulle Assicurazioni (‘IVASS’) , to complete the acquisition of Eurovita Assicurazioni, a leading Italian insurance company specialised in bancassurance. The completion of the transaction is expected by the end of August. Phlavia is owned by international private equity firm Cinven, which originally acquired the company in June 2016.
In addition, IVASS has authorised the merger of Phlavia’s subsidiaries - ERGO Previdenza, Old Mutual Wealth Italy and Eurovita Assicurazioni.
Together, the three companies – namely ERGO Previdenza, Old Mutual Wealth Italy and Eurovita Assicurazioni – rank among the top life insurers in Italy, with over €2.5 billion premiums and €16.8 billion gross reserves in 2016. The combined Group provides its life insurance products through over 150 agents, more than 11,000 financial advisers, and over 2,500 bank branches.
Erik Stattin, Group CEO of Phlavia Investimenti, commented:
“We are very pleased that Eurovita Assicurazion has become part of our Group. This transaction is important for our business, as it completes our product line and presence in all market segments – with an extensive network including agents, financial advisers and bank branches - and it helps us consolidate our presence in the Italian market. In addition, the transaction has enabled us to create a stable group, generating both solid financial performance and is well-diversified in terms of product portfolio and distribution network to the benefit of our customers.”