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