MILAN, Jan 22 (Reuters) - 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 requirements.
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 billion).
“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 declined.
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. ($1=0.7372 euros) (Reporting by Andrea Mandala; Writing by Isla Binnie; Editing by Greg Mahlich)