Italy's Eurovita buys Pramerica Life from Prudential Financial

MILAN (Reuters) - Eurovita Holding, an Italian life insurer fully owned by private equity firm Cinven, said on Thursday it had bought rival Pramerica Life from Prudential Financial PRU.N.

The acquisition will boost Eurovita’s gross written premiums to 2 billion euros, it said.

“Eurovita’s acquisition of Pramerica is a clear example of the consolidation strategy in the (insurance) market pursued by Cinven,” Eugenio Preve, senior principal at Cinven, said in a statement.

No price for the acquisition was disclosed.

Italy’s insurance market is considered to have healthy growth prospects as social changes and an ageing population increase the country’s insurance needs.

Reporting by Valentina Za; Editing by Keith Weir