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Top related persons:
Cinven - 2 Intesa - 2 redemptions - 2 Eurovita - 2 IVASS - 2 Valentina Za - 2 policyholders ’ - 1 Marco Sesana - 1
Top related locs:
Eurovita Silicon Milan Italy London
Top related orgs:
MILAN - 3 Thomson - 3 Banco - 2 Allianz - 2 Reuters Breakingviews - 1 Germany’s Allianz - 1 Germany's Allianz - 1 Credit Agricole - 1

Search resuls for: "IVASS"


4 mentions found


☆ Ghost of Silicon Valley Bank turns up in Italy
  + stars: | 2023-07-04 | by ( Lisa Jucca | ) www.reuters.com   time to read: +3 min
The rapid collapse of Silicon Valley Bank earlier this year was largely down to an ill-advised bond portfolio and liabilities that were less sticky than assumed. While Italy’s Eurovita isn’t a bank, its demise has some similarities with events across the Atlantic. Eurovita, whose 2022 balance sheet was only about 15 billion euros, chiefly offered life insurance products that guaranteed policyholders’ invested capital and a fixed annual return. Follow @LJucca on TwitterCONTEXT NEWSItaly’s top four insurers and Germany’s Allianz have agreed a multibillion-euro rescue deal for ailing life insurer Eurovita, industry supervisor IVASS said on June 30. The deal also involves banks that sold the insurance products through their networks.
Persons: policyholders ’, Cinven, Intesa, redemptions, Eurovita, Marco Sesana, weren’t, IVASS, George Hay, Oliver Taslic Organizations: MILAN, Reuters, Banco, Reuters Breakingviews, Allianz, Germany’s Allianz, Thomson Locations: Silicon, Eurovita
☆ Italy's top insurers, banks strike Eurovita rescue deal
  + stars: | 2023-07-01 | by ( Valentina Za | ) www.reuters.com   time to read: +2 min
MILAN, June 30 (Reuters) - Italy's top four insurers and Germany's Allianz (ALVG.DE) have agreed a multi-billion euro rescue deal for Eurovita, industry supervisor IVASS said on Friday after months of work to broker an accord which also involves 25 banks. Earlier this year, Eurovita became the first Italian insurance company to be placed under special administration, after running into trouble due to higher interest rates. Insurers Generali (GASI.MI), Intesa Sanpaolo Vita (PST.MI), Poste Vita (PST.MI), UnipolSAI (US.MI) and Allianz will set up a new company that will take on Eurovita life insurance policies. To prevent the five insurers from being hit by redemptions once the ban is lifted, banks that sold Eurovita the products are participating in the rescue. The lenders will provide financing to repay Eurovita customers who redeem their policies, while holding the underlying bonds to maturity and neutralising any losses.
Persons: IVASS, Eurovita, redemptions, Intesa, Vitale &, Gatti Pavesi Bianchi, Valentina Za, Alvise Armellini, Alexander Smith Organizations: MILAN, Germany's Allianz, Allianz, Banco, Credit Agricole, Thomson Locations: Eurovita
☆ Exclusive: Italy prosecutors investigating Cinven-owned Eurovita - sources
  + stars: | 2023-06-22 | by ( ) www.reuters.com   time to read: +1 min
MILAN, June 22 (Reuters) - Prosecutors in Milan have opened an investigation into Eurovita, a small life insurer which has been placed under special administration by Italian authorities after running into trouble, two people with direct knowledge of the matter said. Italy is currently trying to orchestrate an industry rescue for Eurovita, which is owned by British private equity fund Cinven. The sources said that, at the moment, nobody was under investigation in the probe and no possible crime had yet been identified. The probe has been opened by the department of Milan prosecutors' office in charge of financial crime, the sources said. Reporting by Emilio Parodi in Milan and Pablo Mayo Cerquiero in London; Additional reporting and writing by Valentina Za; editing by Alvise ArmelliniOur Standards: The Thomson Reuters Trust Principles.
Persons: Cinven, Emilio Parodi, Pablo Mayo, Valentina Za, Alvise Organizations: MILAN, Prosecutors, Pablo Mayo Cerquiero, Thomson Locations: Milan, Italy, London
☆ Cinven seeks deal for Eurovita to meet demands to raise $250 million in capital
  + stars: | 2022-09-20 | by ( ) www.reuters.com   time to read: +2 min
MILAN, Sept 20 (Reuters) - Italy's insurance watchdog has told life insurer Eurovita to quickly boost its capital reserves by around 250 million euros ($250 million), prompting its owner British private equity firm Cinven to seek a sale, sources said. Three sources close to the matter said Cinven, which last year unsuccessfully attempted to sell Eurovita, was again working with advisers Deutsche Bank and Citi to find a buyer. Italian daily MF reported earlier this month specialist life insurer Athora was eyeing Eurovita, after it entered the Italian market last year with the acquisition of mid-sized player Amissima Vita. Like other Italian insurers, Eurovita has seen premiums shrink during the pandemic. Demands by IVASS for insurer Cattolica to raise capital eventually led to its takeover by bigger rival Generali.
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