The Swiss insurance company Helvetia Group has acquired the remaining 47 per cent of the shares in the Italian-based Chiara Assicurazioni S.p.A. from the previous owners, Banco Desio and other partner banks. Helvetia paid CHF 20 million for the remaining shares. According to a Helvetia statement, the transaction already closed at the end of the year because it was not subject to regulatory approvals.
As part of the transaction, Helvetia Italy’s distribution agreement with Banco Desio and other partner banks has been extended for an additional 10 years, allowing Chiara Assicurazioni to rely on 1,614 bank branches located primarily in northern and central Italy.
"The non-life cooperation with Banco Desio and our other partner banks has proven to be very profitable over the past years,” said Francesco La Gioia, CEO of Helvetia Italy. Philipp Gmür, CEO of Helvetia Group, added: "Holding 100 per cent of the shares in Chiara Assicurazioni will not only promote our business in Italy but also enable us to accelerate the streamlining of our Italian operations as intended by the helvetia 20.20 strategy."