By Valentina Za and Emilio Parodi MILAN (Reuters) - Private equity firm Cinven has agreed to buy back 160 million euros ($170 million) of debt sold by ...
By Valentina Za and Emilio Parodi MILAN - Private equity firm Cinven has agreed to buy back 160 million euros of debt sold by its insurer Eurovita and is open to supportingSaltWire's Atlantic regional weather forecast for September 26, 2023 | SaltWireMILAN - Private equity firm Cinven has agreed to buy back 160 million euros of debt sold by its insurer Eurovita and is open to supporting other measures to avoid a messy liquidation of the Italian company, a person with knowledge of the...
Italian insurance authorities placed Eurovita under special administration this year, the first time they have taken such a step, after rising rates blew a hole in the life insurer's cash reserves. To protect savers, a group of five insurers has agreed to take over the life policies of Eurovita clients, while the rest of the company will be liquidated, in a rescue orchestrated by Italian authorities. The five insurers will become shareholders in a new company dubbed Cronos Vita.
Instead, Cinven was asked to carry out the debt buyback and cancel the bonds to support a solvent liquidation, one of the people added. Like other life insurers, especially those relying on banks to sell products, Eurovita was hit by early redemptions once rates started rising and savers sought better returns.
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Exclusive-Cinven bought Eurovita bonds from GIC, others to help liquidation-sourcePrivate equity firm Cinven has agreed to buy back 160 million euros ($170 million) of debt sold by its insurer Eurovita and is open to supporting other measures to avoid a messy liquidation of the Italian company, a person with knowledge of the situation told Reuters. Cinven this month signed an accord with GIC, Singapore's sovereign fund, and another two investors to purchase from them 140 million euros of Tier2 Eurovita bonds, the source added. GIC and Eurovita had no immediate comment.
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