Monday, October 18, 2021

Apollo to sell Italy’s Amissima Vita to life insurer Athora

Must read

imageStock Markets1 hour ago (Sep 23, 2021 05:05AM ET)

(C) Reuters.

MILAN (Reuters) – U.S. private equity firm Apollo Global Management (NYSE:APO) has signed an agreement to sell all of Italy’s Amissima Vita to Bermuda-based Athora Holding Ltd, the Italian insurance company said on Thursday.

The deal is subject to regulatory approval and its closing is expected in the first half of 2022, Amissima said in a statement, without giving financial details.

Athora Holding, which has 79 billion euros of assets under administration, is a specialised life insurance group focused on Europe.

It bought the Belgian operations of insurer Generali (MI:GASI) in 2018 and Dutch insurer Vivat in 2019.

Apollo had bought Amissima Vita – previously named as Carige Vita Nuova – from Banca Carige in 2015.

Consolidation is sweeping through Italy’s insurance sector where market leader Generali will launch a 1.17 billion euro takeover bid for smaller rival Cattolica, with the offer starting on Oct. 4.

Apollo has a 6% stake and four board members in Athora, according to the insurer’s website.

The two groups are linked through strategic relationships which involve Apollo providing Athora with advisory services on direct investment management, asset allocation, asset due diligence, mergers and acquisitions, among others.

Apollo to sell Italy’s Amissima Vita to life insurer Athora

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Latest article

SUBSCRIBE HERE