Authorization to Cronos Vita S.p.A.

Category

Undertakings

Description

On October 17, IVASS authorized Cronos Vita S.p.A. to pursue insurance business.

Cronos Vita's capital is held by Generali Italia, Intesa Sanpaolo Vita, Poste Vita and UnipolSai, each for 22.5 percent and Allianz for the remaining 10 percent.

The new insurance company will acquire Eurovita S.p.A.'s entire policy portfolio. The portfolio will be acquired without any contractual changes.

Cronos will manage the portfolio to transfer it back to the shareholder companies within two years.

With the authorization issued today by IVASS, the resolution of the Eurovita affair is proceeding according to schedule with the aim of ensuring the full protection of policyholders' rights and restoring the ordinary course of insurance relations as soon as possible.

issue date

17 October 2023