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.
Topics Mergers & Acquisitions
Was this article valuable?
Here are more articles you may enjoy.
Georgia Brokers and Agents Alarmed After Court Ruling Expands Liability for Them 
Renewals for Most Commercial Lines Decrease in May, Says Ivans 
AI Savings Misses ‘Should Be Making Executives Uncomfortable,’ Bain Says 
Hedge Funds Are Expanding Desks Designed to Profit From Natural-Catastrophe Risk 
