By 31 March the decree for the extraordinary administration of Eurovita
It will arrive next week, most likely close to the deadline of commissionerthe provision of extraordinary administration of Eurovita. L’Ivass and the commissioner Alessandro Santoliquido are completing the survey of the company’s assets and capital needs in view of the receivership. According to what is learned, an extension of the provision of Redemption block. The objective of the extraordinary administration procedure is to transfer the policies to various operators, so as to guarantee the customers’ investments. All to be completed in a short time, to limit the block as much as possible.
Extension of the freeze on redemptions
Eurovita, con 353 thousand customers and beyond 400 thousand policies issued, was commissioned at the end of January by IVASS. The February 6th last year Ivass itself decided for the Redemption block. IVASS’s decision came after the regulator, at the end of an inspection completed a year ago, had asked the shareholder – the Cinven background – to recapitalize the company.
However, the fund has decided not to recapitalize and to try to sell the companywithout finding buyers. Meanwhile, the rise of interest rates deteriorated the investment portfolio and the increase in redemptions brought down the Solvency II ratio below the regulatory minimums.
The system solution
IVASS is trying to coordinate a system solution for the rescue of Eurovita, which however left the competing companies cold. generalsthrough the mouth of number one Philippe Donnet, she let it be known that she was not interested. The reaction of the large networks that placed Eurovita products was different, from Fideuram a Phinecus. That it would have said it was willing to participate in the rescue, under certain conditions. A maximum availability would also come from some Bccwhose territorial companies of bancassurance they have been selling the policies for years. But not from the holding company Icreatewho instead said he was not available.