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Eurovita, ok to rescue from the 5 big insurance companies

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Eurovita, ok to rescue from the 5 big insurance companies

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Green light from the five big Italian insurance companies to rescue Eurovita. This was announced in a press release from Unipolsai Assicurazioni which underlines that it has “approved the company’s accession to the rescue scheme to protect Eurovita policyholders, together with Allianz, Assicurazioni Generali, Intesa Sanpaolo Vita and Poste Vita”.

The definitive agreements with the distributing banks necessary to protect Eurovita policyholders – it is specified – will be perfected, in collaboration with the institutions, in the appropriate technical times.

The entire operation, “which will be divided into successive phases, will be subject to obtaining all regulatory authorizations from the competent Supervisory Authorities and represents a sign of strong commitment by the main insurance groups operating in Italy to protect the market and customers of Eurovita”.

New company owned by the 5 companies

Also Allianz, in a note, underlines its participation in “a system solution”, in which it collaborated “responsibly alongside the institutions, with the primary objective of protecting Eurovita policyholders”. Same position expressed in a note from Intesa Vita. Ivass, for its part, “takes note of the agreement reached by five major insurance companies and 25 distribution banks to resolve the Eurovita crisis” and specifies that “on the basis of the agreement, the Eurovita policies will be transferred to a new entity currently being set up which is owned by the five companies”.

Even Poste Italiane and the Generali group, through two press releases, announced their adhesion to the Eurovita bailout plan.

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