Latest VIVAT News
Sep 23, 2021
- Advertisement - MILAN, Sep 23 (Businesshala) – US private equity firm Apollo Global Management (APO.N) has signed an agreement to sell all of its Amissima Vita to Bermuda-based Athora Holding Ltd., the Italian insurer said on Thursday. . - Advertisement - The deal is subject to regulatory approval and is expected to close in the first half of 2022, Amisima said in a statement without giving financial details. - Advertisement - Athora Holding, which has 79 billion euros in assets under administration, is a specialized life insurance group focused on Europe. It bought the Belgian operations of insurer Generali (GASI.MI) in 2018 and Dutch insurer Vivat in 2019. - Advertisement - Apollo bought the Amisima Vita – formerly named Carriage Vita Nuova – from Banca Carriage (CRGI.MI) in 2015. The consolidation is sweeping through Italy’s insurance sector, where market leader Generali (GASI.MI) will launch a €1.17 billion takeover bid for smaller rival Cattolica (CASS.MI), with an offering starting October 4. According to the insurer’s website, Apollo has a 6% stake in Athora and four board members. The two groups are linked through strategic relationships, with Apollo providing advisory services to Athora on direct investment management, asset allocation, asset due diligence, mergers and acquisitions, etc. Reporting by Alyssa Anzolin; Editing by Jason Neely .