September 17th, 2009
Acquisition of majority stake in UBI ASSICURAZIONI, one of the leading non-life bancassurance players in Italy Long Term Exclusive distribution agreement with UBI Banca, a top 5 Italian bank
Fortis and BNP Paribas Assurance announce the acquisition of 50% + 1 share of UBI Assicurazioni , a market leader in property and casualty bancassurance in Italy. The transaction will be executed through a holding company (F&B Insurance Holdings), which will be held by Fortis (50% + 1 share) and BNP Paribas Assurance (50% -1 share). UBI Assicurazioni is currently 100% owned by UBI Banca. UBI Banca will keep 50% - 1 share. Fortis and BNP Paribas Assurance will pay a consideration of EUR 120 million in cash on completion. An additional consideration of approximately EUR 40 million will be payable to UBI Banca in cash, dependent upon the achievement of certain volume thresholds in the future.
Upon completion of the transaction, Fortis and BNP Paribas Assurance will build upon UBI Assicurazioni’s capabilities to further develop and market non-life insurance products and services, such as car insurance, household insurance and non-life creditor insurance. The products will continue to be distributed essentially via the retail branch networks of UBI Banca, with which UBI Assicurazioni will enter into a long term exclusive distribution agreement.
UBI Assicurazioni is one of the leading non-life bancassurance players in Italy. In 2008, UBI Assicurazioni recorded gross written premiums of EUR 238 million. UBI Assicurazioni has 20 years experience in the Italian market where it distributes its products through the 2,000 branches of UBI Banca. UBI Banca is one of Italy’s top five banks with four million customers, a market share of approximately 6% and a strong presence in the wealthiest areas of Italy. UBI Banca is a cooperative banking group listed on the Milan stock exchange.
The Italian non-life insurance market harbors considerable potential for bancassurance. Italy is Europe’s fifth-largest non-life insurance market with total non-life GWP of EUR 38 billion in 2007 and has experienced steady annual growth in excess of 4% since 2000. In 2007, only 1.8% of nonlife gross written premiums were sold through the banking channel. However, bancassurance in Italy is expected to catch up with other European countries and therefore offers excellent growth opportunities.
This transaction will enable Fortis to use its non-life bancassurance expertise to further develop opportunities to cross sell insurance products to banking customers and enhance the product mix of the P&C portfolio. The transaction will also enable Fortis to establish itself rapidly in the Italian market, and to jointly assess with BNP Paribas Assurance new growth opportunities.
...18.06.10
Winningham, an analyst for Nationwide Insurance from Columbus, Ohio , says he was held up in Italy for five days. He needed a hotel only for a night because his family was renting an apartment. Without the apartment, he says he would have had to pay for five nights in a hotel out of pocket because he was flying on a U.S.-based airline. Though the European Commission says U.S.-based airlines must compensate travelers for accommodations if their flights are delayed or canceled, most American carriers dispute the claim.
While he considers himself lucky compared with many traveling to and from Europe in the first few weeks of April, Winningham says the experience was enough to make him consider getting extra protection the next time he travels. "After that trip, I would definitely think about getting trip insurance now," he says.
Linda Kundell of the US Travel Insurance Association, trade group for major travel insurance companies, says she's heard more people are buying insurance after the ash cloud.
Source: USA Today
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