Eurovita, established the foundations for a market solution, with no use of public resources. Clients fully protected
The 5 main italian insurance companies (Allianz, Intesa Vita, Generali Italia, Poste Vita, Unipol SAI) will become the new counterparties of Eurovita policy holders
Trento, 03.07.2023, upon the initiative of the Ministry of Economy and Finance, Ministry of Enterprises and Made in Italy, and with the collaboration of the Supervisory Committee and the Extraordinary Commissioner of Eurovita, it has been reached an agreement among 25 banks distribuiting Eurovita policies, the 5 main italian insurance companies (Allianz Italia, Intesa Sanpaolo Vita, Generali Italia, Poste Vita and Unipol SAI) and a pool of italian credit institutions (Banco BPM, Banca Monte dei Paschi di Siena, BPER, Credit Agricole, Intesa Sanpaolo and Mediobanca), for an operation aimed at protection of Eurovita policy holders.
IVASS and Bank of Italy have closely monitored the operation’s definition within their institutional roles and have welcomed the agreement.
The essence of the endeavor, shared by all the participants, is aimed at guaranteeing the full protection of investors who subscribed Eurovita policies: in this framework, indeed, it is envisaged that, upon completion of the operation, the entire insurance portfolio of distributors banks (listed below) will be taken over by the five companies that will therefore become the new reference insurance companies for current customers. Furthermore, the plan requires, as an intermediate technical step, the initial transfer of the policies to a newly established insurance company, which will be fully owned by the five insurance companies mentioned.
Distributor banks, in addition to providing an update on the progress of the negotiations, will communicate to the customers, in a subsequent phase, which insurance company becomes the new counterparty, and will support them for any need.
The following banks/banking groups distributors joined the agreement: Banca Agricola Popolare di Ragusa, Banca di Credito Popolare, Banca di Piacenza, Banca Fideuram, Banca Investis, Banca Popolare dell’Alto Adige, Banca Popolare di Lajatico, Banca Popolare di Puglia e Basilicata, Banca Popolare Sant’Angelo, Banca Profilo, Banco Desio, BNL, Cassa di Risparmio di Volterra, Cassa Lombarda, FinecoBank, Finint Private Bank, Gruppo Banca Monte dei Paschi di Siena, Gruppo BCC Iccrea, Gruppo Cassa Centrale Banca, Gruppo Cassa di Risparmio di Bolzano, Gruppo Credem, Gruppo Credit Agricole, Gruppo Unicredit, Mediobanca, UBS EUROPE SE – Succursale Italia.
The parties are committed to expeditiously concluding the operation, subject to the necessary sharing and implementation of all requisite contractual instruments and obtaining the relevant legal authorizations.