The Talanx Group, headquartered in Hannover, Germany, is strengthening its bancassurance business in Italy by acquiring the insurance companies belonging to the Italian banking group Gruppo Banca Sella.
Via its Italian subsidiary HDI Assicurazioni SpA, Talanx is taking over 100 percent of the life insurer CBA Vita SpA and its subsidiary Sella Life Ltd. as well as the remaining 49 percent in property & casualty insurer InChiaro Assicurazioni SpA.
Talanx now holds 100 percent of the stakes in all the three companies. The purchase price is in the mid-double-digit million euro range plus a performance-linked component, Talanx said in a statement.
For the past eight years, Gruppo Banca Sella has been partner of the Italian Talanx subsidiary HDI Assicurazioni on the P&C side. The acquisition will extends this cooperation to life business.
An integral component of the new cooperation with Gruppo Banca Sella is an extensive distribution agreement for life products as well as for P&C products over a period of 10 years, Talanx said.
In 2014 CBA Vita and Sella Life generated a gross premium volume of 386.8 million euros ($405 million) and net income of 4.4 million euros ($4.6 million) on a combined basis.
In 2014 the Italian market showed a gross premium volume of 143.3 billion euros ($150.1 billion), which is a 20.6 percent increase from 2013, Talanx said. Of this total, 110.5 billion euros ($115.7 billion) was generated from the life sector (a 29.9 percent increase from 2013), and 32.8 billion euros was generated from the non-life sector (a decrease of 2.7 percent from 2013).
“We are delighted to be able to extend our existing cooperation with Gruppo Banca Sella,” said Torsten Leue, member of the board of management of Talanx AG and chief executive officer of Talanx International AG.
The Talanx Group has had a presence in Italian life and P&C business dating back to 1997, the company said, noting that the acquisition is still subject to the approval of Italian regulators.
Source: Talanx Group
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