Italy’s top insurers and Germany’s Allianz agree rescue deal for Eurovita

Written by Adam Cadle

03/07/2023

Italy’s top insurers and Germany’s Allianz have agreed a multi-billion euro rescue deal for Eurovita, IVASS has announced.

Earlier this year, Eurovita became the first Italian insurance company to be placed under special administration, after running into difficulties as a result of higher interest rates. Insurers Generali, Intesa Sanpaolo Vita, Poste Vita, UnipolSAI and Allianz are to set up a new company that will take on Eurovita’s life insurance policies.

It is expected that some €10bn in policies will be transferred to the new company, or two thirds of Eurovita's total assets at the end of last year.

Higher rates have prompted many small savers to end their policies and reinvest the cash in search of better returns, forcing insurers to sell the underlying bonds at a loss.

IVASS has said that Eurovita's problems were aggravated by poor risk management and the unwillingness of the owner, British private equity firm Cinven, to provide more capital.

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