Italy’s insurance company Reale Mutua won exlusive talks with Austrian insurance company Uniqa to take control of its Italian activities, MF Milano Finanza wrote yesterday.
The deadline for delivering binding offers for the three Italian companies of Austrian insurance group Uniqa has been set on September 15th and advisor Kpmg and Unicredit had selected bids from Apollo Global Management and Reale Mutua, after having received expression of interest also from have received expression of interests from other insurance companies such as Cattolica and Itas and private equity firm Cinven (see here a pervious post by BeBeez).
The deal is valued about 300 million euros and includes three Italian companies: the damage insurance company Uniqa Assicurazioni with a 10 million euros net result in 2015 and 245 million euros in insurance premiums; life insurance Uniqa Previdenza (former Claris Vita), with a 880k euros net result in 2015 and 436 millions in insurance premiums; and life insurance Uniqa Life, where Veneto Banca owns a 10% stake with 443 million euros in insurance premiums and a 2.7 million euros net result.
Led by ceo Luca Filippone, Reale Mutua, will buy Uniqa’s companies through its subsidiary Italiana assicurazioni.
