AXA, Allianz and Zurich interested in Italy’s Unipol €1.7bn assets

Italy’s Unipol has received a number of offers for the assets it will be forced to sell in order to complete a three way merger with Fondiaria-SAI, expected to be completed by July 2013 and which will create Italy’s second insurer.

Carlo Cimbri, chief executive at the insurance firm, said several players have already submitted both formal and informal manifestations of interest.

According to press reports, French group AXA SA, German insurer Allianz SE and Switzerland’s Zurich Insurance Group could be interested in acquiring a stake in those assets, which Unipol intends to sell before the end of 2013.

Italy’s antitrust authorities have requested Unipol to sell portfolio assets worth €1.7bn in order to complete the merger with Fondiaria.

In January 2012, Unipol agreed to rescue Fondiaria by taking a controlling stake in holding company Premafin following a series of capital increases designed to strengthen undercapitalised balance sheets.

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