MILAN Jan 22 Italian insurance group
UnipolSai's proposed sale of some of its business to
Allianz should satisfy the Italy's competition
authority's demands to dispose of certain assets, the Italian
company's president said on Wednesday.
The competition watchdog had previously told Unipol it
needed to sell assets with premiums worth 1.7 billion euros
($2.31 billion) as a condition for clearing Unipol's takeover of
rival Fondiaria-SAI to create Italy's second-biggest insurer.
"According to the calculations we've done I think so," Fabio
Cerchiai said when asked if the planned sale to Allianz,
announced on Tuesday, would be sufficient to meet the
UnipolSai and its parent Unipol said on Tuesday they
had entered exclusive talks to sell the German insurer assets
carrying premiums worth around 1.2 billion euros ($1.63
"We haven't heard from the anti-trust (authority)," Cerchiai
said on the sidelines of a banking event in northern Italy, but
added that "the market has evolved" since the regulator made its
original request and the value of the premiums generated had
The assets belong to former Fondiaria unit Milano
Assicurazioni, now part of UnipolSai.
On Jan. 15 Unipol rejected an offer from Belgium's Ageas
to buy the assets.
(Reporting by Andrea Mandala; Writing by Isla Binnie; Editing
by Greg Mahlich)