Growth through mergers and acquisitions will be key in order to guarantee the competitiveness of Italy’s insurance companies on the international stage, according to Carlo Cimbri, chief executive at Italian insurer Unipol.
Italian insurer Unipol posted €121m net profits at the end of the first-half of 2012.
US asset management firm BlackRock has bought a 5% stake in Italian insurer Unipol, currently involved in a four-way merger process with troubled Fondiaria-SAI.
Alberto Nagel, chief executive of Italy’s investment bank Mediobanca, is being investigated by Milan prosecutors for allegedly obstructing the regulatory compliance of a merger deal.
Fitch Ratings has withdrawn today its rating on Fondiaria-SAI and its main subsidiary, Milano Assicurazioni, which had an Insurer Financial Strength rating of ‘B+’/Rating watch evolving.
Italy’s antitrust authority Antitrust Autorità Garante della Concorrenza e del Mercato (Agcm) has released a conditional clearance for the plan submitted by insurer Unipol to take over Fondiaria-SAI, which will create the second biggest insurance group in the country.
The board of Italian insurance company Fondiaria-SAI has confirmed merger plans with Unipol Gruppo Finanziaria, FonSai’s parent company Premafin Holding di Partecipazioni, and its unit Milano Assicurazioni.
Two private equity funds have jeopardized a deal being brokered by Mediobanca, the Milan-based investment bank, to rescue Fondiaria-SAI, a loss-making insurance group with asset management and real estate interests.