Extraordinary administration for Eurovita. Yesterday morning, the Ministry of Enterprise and Made in Italy notified the decree that put the seal on the request for investigation formulated by Ivass.
Commissioner appointed
The authority, on the basis of the seal of the executive, therefore appointed Alessandro Santoliquido as commissioner for extraordinary management. At the same time he indicated the members of the supervisory committee who will accompany Santoliquido in the recovery process. Antonio Blandini (full professor of commercial law at the Federico II University of Naples) will be part of it, as president, Sandro Panizza (historic manager of Generali) and Monica Biccari (expert auditor of Pwc), as members.
Redemption block
“In order to ensure an orderly performance of the activities and to accompany the definition of a market solution”, it is specified in the note released by the Authority chaired by Luigi Federico Signorini, IVASS has extended by three months, until next 30 June , «the suspension of the surrenders of the insurance and capitalization contracts stipulated with Eurovita». The provision was adopted on 6 February and would have expired today.
At this point Commissioner Santoliquido has sufficient time available to define the company’s rescue plan. The project, currently in the clarification phase, would look at a real system solution. The objective would be to complete the maneuver during the extraordinary administration, which can last a maximum of one year (extendable by another 365 days if necessary).
The rescue plan
The operation will involve the insurance sector in its entirety on the one hand and, in this regard, the names of Generali and Unipol are also mentioned, and the distributing banks on the other. And these include Fineco Bank, Credem, Fideuram and Sparkasse. All together (Intesa Sanpaolo and Poste would also be on track) should provide the indispensable resources, the estimate is between 250 and 300 million euros, to get the insurance company now controlled by the Cinven fund, which has already injected 100 million euros just over a month ago.