Unipol Assicurazioni (Unipol Group's subsidiary) Business and Financial Updates

Unipol Assicurazioni, a subsidiary of the Unipol Group, has been a leading player in the Italian insurance market for decades. The company was founded in 1993.

Its business operations have been steadily growing, with a significant presence in the Italian insurance market. Unipol Assicurazioni offers a wide range of insurance products, including life, non-life, and health insurance.

The company has a strong network of agents and brokers across Italy, allowing it to reach a large customer base. This extensive network has contributed to Unipol Assicurazioni's success in the market.

Unipol Assicurazioni's financial performance has been impressive, with a significant increase in its premium income over the years.

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The Unipol Group's financial transactions are quite impressive. In 1999, the Gruppo Meie took in premiums worth around 1,200 billion lire, a 28% increase from the previous year.

The sale of Telecom Italia's majority stake in the Meie Group to Unipol Assicurazioni was a major step in the process of refocusing the Group on its core business. This move enabled Unipol to expand its customer base and accelerate expansion into banking services and savings management.

The acquisition of Meie will also allow Unipol to realize the expansion prospects opened up by the Meie distribution network and its consolidated relations with the Telecom Italia Group.

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Telecom Italia has sold its majority stake in the Meie Group to Unipol Assicurazioni for a total of close to 670 billion lire.

The sale was conducted as a competitive auction, with bids submitted by leading Italian and international insurance companies.

Telecom Italia's sale of its participation in the Meie group is a major step in the process of refocusing the Group on its core business.

The Meie Group took in premiums worth around 1,200 billion lire in 1999, up 28% from the previous year.

Income of 274 billion lire came from the life assurance business, generating aggregate net profits of 22 billion lire, up 122% from the previous year.

Unipol Assicurazioni plans to expand its customer base through the acquisition of Meie, and accelerate expansion into banking services and savings management.

The company aims to realize the expansion prospects opened up by the Meie distribution network and its consolidated relations with the Telecom Italia Group.

The transfer of shares and payment are due to take place on receipt of authorization from the ISVAP and the Antitrust Authority.

The Meie Group supplies services to around 700,000 customers through 400 agencies, and employs 500 staff.

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UnipolSai Assicurazioni S.p.A. is set to secure its latest catastrophe bond within the initial price guidance.

The cat bond, Azzurro Re II DAC (Series 2020-1), is targeting a EUR 100 million offering of notes, which will be sold to investors to collateralise underlying earthquake reinsurance agreements for the insurer.

Many cat bonds have priced towards the upper-end of their initial coupon guidance or above it, but UnipolSai's latest deal is looking to buck this trend.

The cat bond has an initial expected loss of 1.84% and was offered to investors with initial coupon guidance in a range from 4.25% to 4.75%.

The notes are now being marketed with a coupon of 4.5%, which is the mid-point of the launch range.

The reinsurance protection from this cat bond will be on an indemnity trigger and per-occurrence basis, covering earthquakes impacting Italy and neighbouring countries, but with the covered subject business all being within Italy.

The deal is expected to remain at this price, but final pricing is expected later today, Monday 6th July.

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