Allianz plans to divest $5bn Italian life insurance
Friday, 04 01 2016, Category: Insurance and Reinsurance, Country: Europe
Germanys’ insurance firm Allianz is reportedly planning to sell $5bn portfolio of life insurance policies in Italy.
Citing sources familiar with the matter, Reuters reported that the insurer has selected Goldman Sachs to manage the sale of the closed life policies.
Due to pressures from rock-bottom interest rates, Allianz has decided to divest a series of Italian life policies which pay a 2% minimum interest rate.
The news publication also reported that London-based private equity firm Cinven is interested to purchase the policies, which are expected to be valued at around €200m.
Source: Insurance Business Review