| LONDON/MILAN, April 8
LONDON/MILAN, April 8 Europe's third-biggest
insurer Generali has moved closer to selling its U.S.
life reinsurance unit as it shortlisted two among a large number
of bidders, two people with direct knowledge of the situation
said on Monday.
The selected bidders are French reinsurer Scor and
a U.S. rival, said one of the people who asked not to be named
because the talks are private.
Financial Italian daily Sole 24 Ore earlier reported that
Scor and a U.S. player were in pole position to acquire Generali
Munich Re, Zurich Insurance, Swiss Re,
Hannover Re, US rival RGA and a bunch of
Bermuda-incorporated reinsurers such as Everest Re were
also interested to buy Generali US.
Generali's new Chief executive Mario Greco aims to raise 4
billion euros from non-core asset sales to shore up capital and
restore value after long-standing CEO Giovanni Perissinotti was
ousted by disappointed investors led by Mediobanca.
The insurer is hoping to secure $800m to $1bn for Generali
US and about 2 billion euros ($2.60 billion) for its private
bank BSI, which it is also selling.
It said on Friday it has already reaped a capital gain of
143 million euros ($186.14 million) from the sale of a stake in
its asset management arm Banca Generali.
The Italian insurer, along with European peers such as Aviva
, is being forced to restructure to cope with low interest
rates, tighter regulation and the weak economic climate.
Generali declined to comment while Scor was not immediately
available for comment.