SAI Shareholders Approve La Fondiaria Merger
To no one’s surprise shareholders of Italy’s Societa Assicuratrice Industriale (SAI) have approved a merger with rival insurer La Fondiaria SpA which will create Italy’s largest p/c insurer and third-largest insurer overall.
SAI has been seeking control of la Fondiaria for over a year, ever since the 24.3 percent stake of Italy’s Montedison went on the market. Originally blocked by Italian regulators, SAI made a deal with a group headed by J.P. Morgan Chase to acquire the shares, and than, pursuant to a call/put option recently reacquired them.
The merged company, La Fondiaria-SAI, will have an estimated €6.5 billion ($6.4 billion) in combined non-life premiums and €8 billion ($7.88 billion) in total premiums at the end of this year.
Shareholders of La Fondiaria, including SAI, also voted on the merger proposal Thursday, and are expected to approve it.
- Mailing a Letter, in Context With Other Clues, Is Sufficient Cancellation – NC High Court
- Upstate Jury Says Harley-Davidson Must Pay $287 Million for Fatal ‘Trike’ Accident
- Insurtech Root, Goosehead Partner on Tech Integration for Independent Agents
- TikTok Must Face Lawsuit Over 10-Year-Old Girl’s Death, Appeals Court Rules