Birth of a giant Italian insurer

The Italian authorities have approved the merger announced a year ago between the insurers Unipol Assicurazioni, Fondiaria Sai, Premafin and Milano Assicurazioni. This move gives birth to the number two Italian insurer with a turnover estimated at 16.8 billion EUR (22.2 billion USD ), 63% of which in non-life insurance. Milano Assicurazioni is still required to approve the transaction while the insurance supervisory authority is waiting for the management and internal control to be strengthened before it grants its agreement.

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