To no one’s surprise shareholders of Italy’s Societa Assicuratrice Industriale (SAI) have approved a merger with rival insurer La Fondiaria SpA which will create Italy’s largest p/c insurer and third-largest insurer overall.
SAI has been seeking control of la Fondiaria for over a year, ever since the 24.3 percent stake of Italy’s Montedison went on the market. Originally blocked by Italian regulators, SAI made a deal with a group headed by J.P. Morgan Chase to acquire the shares, and than, pursuant to a call/put option recently reacquired them.
The merged company, La Fondiaria-SAI, will have an estimated €6.5 billion ($6.4 billion) in combined non-life premiums and €8 billion ($7.88 billion) in total premiums at the end of this year.
Shareholders of La Fondiaria, including SAI, also voted on the merger proposal Thursday, and are expected to approve it.
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