italian insurer unipol expects flat premiums
Last Updated : GMT 13:26:10
Arab Today, arab today
Arab Today, arab today

Italian insurer Unipol expects flat premiums

Arab Today, arab today

Arab Today, arab today Italian insurer Unipol expects flat premiums

Milan - Arabstoday

Unipol expects premiums to remain flat this year in the face of difficult market conditions as the Italian insurer presses ahead with plans to merge with peer Fondiaria-SAI. Unipol said that because of the tough economic growth outlook in Italy and ongoing sovereign debt concerns across Europe it will be difficult for the insurance market to grow premiums in 2012. “The (Unipol) group is working on certain lines of action that should allow it to confirm, also for the current year, premiums on a like-for-like basis close to volumes seen in 2011,” the company said in a document relating to its plans to take over Fondiaria. At the end of January, Unipol agreed to a deal brokered by top investment house Mediobanca to save Italy’s No.1 motor insurer Fondiaria in a four-way merger. The transaction, which will involve three capital increases of more than 2 billion euros ($2.68 billion) total, will create a leading national insurance player with a 32 per cent share of non-life business and 37 per cent of the motor sector. The planned takeover of Fondiaria by Unipol faces a rival bid from private equity funds Palladio Finanziaria and Sator which have acquired 8 per cent of the insurer and are ready to pump 450 million euros into parent company Premafin. On Monday Premafin advisor Banca Leonardo met creditor banks to discuss restructuring of Premafin’s 320 million euro debt. “Unipol is pushing for conversion of around half the (Premafin) debt into a loan which converts into shares (in the future new insurance group),” a source close to the deal said late on Monday. Two other sources said Leonardo had proposed to the banks converting half the Premafin debt into a convertible bond with around half of the remainder being restructured and the rest reimbursed. Premafin’s main creditor banks are UniCredit, which owns 6.9 per cent of Fondiaria, and Mediobanca. On on Friday Unipol CEO Carlo Cimbri said the group will not change its plans for Fondiaria. Concern has been expressed about the ability of Unipol to turn round Fondiaria which has a solvency ratio of just 75 per cent and expects to post a loss of more than 1 billion euros for 2011. Unipol, which will launch a capital increase of up to 1.1 billion euros to help fund the takeover, said preliminary data for 2011 indicated its premiums for the year would be above the 6.5 billion euros seen in 2010 on a like-for-like basis.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

italian insurer unipol expects flat premiums italian insurer unipol expects flat premiums

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

italian insurer unipol expects flat premiums italian insurer unipol expects flat premiums

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today PNG police start removing refugees

GMT 03:00 2017 Friday ,24 November

PNG police start removing refugees
Arab Today, arab today Sophian Yussef reveals suitable decoration

GMT 02:56 2017 Thursday ,23 November

Sophian Yussef reveals suitable decoration
Arab Today, arab today Syria congress to go ahead

GMT 02:24 2017 Friday ,24 November

Syria congress to go ahead
Arab Today, arab today IS media offline for a day

GMT 02:10 2017 Friday ,24 November

IS media offline for a day
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Human form of 'mad cow' disease

GMT 00:11 2017 Friday ,24 November

Human form of 'mad cow' disease
Arab Today, arab today British woman jailed in Iran to appear

GMT 03:19 2017 Friday ,24 November

British woman jailed in Iran to appear
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Mitsubishi Materials units falsified product

GMT 03:24 2017 Friday ,24 November

Mitsubishi Materials units falsified product
Arab Today, arab today 'Robo-taxis' hold promise, and perils

GMT 08:07 2017 Thursday ,23 November

'Robo-taxis' hold promise, and perils
Arab Today, arab today Solaf happy for participating in “Hotline”

GMT 07:56 2017 Wednesday ,22 November

Solaf happy for participating in “Hotline”
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 08:03 2017 Tuesday ,21 November

Abeer Sabry reveals reason of “The Flood” success

GMT 08:03 2017 Thursday ,23 November

Srebrenica women cry tears of joy

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts

GMT 09:12 2017 Thursday ,23 November

4 in 10 cancers due to modifiable risk

GMT 10:47 2017 Wednesday ,22 November

The Big Apple bike boom

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday