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Italy's top insurers, banks strike Eurovita rescue deal

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Italy's top four insurers and Germany's Allianz have agreed a multi-billion euro rescue deal for Eurovita, industry supervisor IVASS said on Friday after months of work to broker an accord which also involves 25 banks.

Some 10 billion euros in policies will be transferred to the new company, or two thirds of Eurovita's total assets at the end of last year, a person close to the matter said.

Higher rates have prompted many small savers to end their policies and reinvest the cash in search of better returns, forcing insurers to sell the underlying bonds at a loss. Earlier this year, IVASS froze early redemptions at Eurovita after appointing a special commissioner to run it.

 

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