Closing of the transaction for the purchase of the minority stake in Cattolica Life and the sale of 100% of the company to Monument Re
Verona, 4 June 2020. Cattolica Assicurazioni informs that, after receiving the necessary authorisation from the competent authorities, the closing of the transaction for the purchase of a 40% stake in Cattolica Life1 from Banca Popolare di Vicenza in receivership and for the contextual sale of 100% of the same company to Monument Re Group was signed today.
The sale of Cattolica Life fits into the broader context of rationalisation and simplification of the Cattolica Group and it doesn’t materially affect the Solvency II ratio.
NatWest Markets acted as financial advisor to Cattolica in regards to the transaction.
Gianni, Origoni, Grippo & Partners law firm acted as legal advisor to Cattolica in regards to the transaction.
1 Cattolica Life is a company of the Cattolica Assicurazioni Group with headquarters in Dublin, Ireland, currently in runoff after the start, in 2017, of the insolvency proceedings in respect of Banca Popolare di Vicenza. The company, with actual masses of about €200m, was established as a joint venture in the context of the business partnership with Banca Popolare di Vicenza.