Eurovita towards extraordinary administration
Eurovita goes towards extraordinary administration, with the hypothesis of one portfolio transfer to other operators. This was written by the unions who met the commissioner today, Monday 20 March Alessandro Santoliquido. The commissioner, the unions report, “confirmed that, as reported at the last meeting, Eurovita will most likely go into extraordinary administration“.
Portfolio transfer
The decision would be the “confirmation that the players on the market (Ania, insurance companies, distributors, Ivass and Ministries competent) are in contact for a system solution“. According to the trade unions, “the most accredited hypotheses could be directed towards the transfer of the portfolio referred to separate management between one or more players”.
Redemption block
Eurovita, con 353 thousand customers e 15.3 billion in assets, was commissioned by IVASS at the end of January. On February 6, IVASS imposed a freeze on redemptions until next March 31. The extraordinary administration, according to what has been reconstructed, would be necessary to buy time and fine-tune the “system” solution. Among the subjects involved, in the first place, the banking networks that placed the company’s policies. The extraordinary administration would also imply an extension of the Redemption block to avoid “emptying” the company.
Employment hold
“At our request, Doctor Santoliquido confirmed that the assumed scenario would still contemplate the complete employment retention since Eurovita’s difficulties are not attributable to personnel costs. The next weeks they will certainly be decisive” concludes the note.