Eurovita breathes a sigh of relief after the rescue through an agreement between the five main Italian insurance companies (Allianz Italia, Intesa Sanpaolo Vita, Generali Italia, Poste Vita and UnipolSai), twenty-five banks distributing the policies, and some of the main Italian banking institutions (Banco Bpm, Banca Mps, Bper, Credit Agricole, Intesa Sanpaolo and Mediobanca). This is a system operation aimed at “protecting the subscribers of Eurovita policies”, explains the insurance company. Upon completion of the operation, Eurovita’s insurance portfolio will be taken over by the five insurance groups, which will therefore become the new reference companies for current customers. The project also envisages, as an intermediate technical step, the initial transfer of the policies to a newly established insurance company (NewCo), which will be owned by the five insurance companies. The distributing banks and the NewCo will communicate to individual customers at a later stage which of the five insurance companies will acquire their policy, after the initial transition to the newly established insurance company.
With the supervisory committee “I thank the institutions, insurance companies and banks which, in a particularly complex scenario, have contributed to identifying a system solution to protect the company’s customers”, says Alessandro Santoliquido, commissioner of Eurovita. “It is – he concludes – an important message of trust towards customers in the insurance sector and towards all the players involved in it”. During the definition of the transaction, IVASS and the Bank of Italy carefully followed the “definition of the transaction in the context of their institutional roles and took note of the agreement in favor”, highlights Eurovita. In this context, IVASS has extended until 31 October 2023 the suspension of early redemptions of the insurance and capitalization contracts stipulated with Eurovita, with the exception of the redemptions and advances referred to in the supplementary pension schemes. In the next few days, the operational tables will start to define in detail the exact perimeter of the company compendium to be transferred and to start the request for the necessary authorisations.