Revo Not Interested In Cinven: owned Eurovita, CEO says

Revo Insurance SpA

09/03/2023 17:19

MILAN, March 9 (Reuters) - Italy's REVO insurance
 REVOI.MI  is not interested in investing in Italian life
insurer Eurovita as its business is completely different, Chief
Executive Alberto Minali told Reuters on Thursday.
    Eurovita is the first insurance company in Italy to be
placed under temporary administration after its solvency ratios
fell below minimum thresholds. 
    Italy's authority IVASS had told Eurovita last year to
quickly boost its capital reserves by around 250 million euros 
($264.33 million) prompting its owner Cinven to seek a sale,
sources had told Reuters. However the private equity firm failed
to clinch a deal.
    "We are not interested because Eurovita has a different type
of business", Minali said, adding that Revo operates only in
Property & Casualty business. 
    
    ($1 = 0.9458 euros)

 (Reporting by Gianluca Semeraro; editing by Alvise Armellini)
 ((gianluca.semeraro@tr.com; +39 06 80 307 741;))