European life insurance and reinsurance group Athora Holding, Ltd, has announced it has completed the acquisition of Italian life insurer, Amissima Vita.
Athora agreed to acquire Amissima Vita back in September 2021 as part of its continuing growth strategy focused on traditional life savings and pension products.
With the closing of this transaction Athora enters the Italian insurance market, the third largest in Europe; it follows successful acquisitions in the Netherlands, Belgium, Ireland and Germany.
Eric Viet, Athora Group Regional CEO and Chairman of Amissima Vita, commented: “Today is an important milestone for Athora as we enter the Italian market through the acquisition of Amissima Vita and welcome over 150,000 customers and 95 employees.
“Under the continued leadership of Executive Vice President Andrea Moneta and CEO Jozef Bala, who have successfully led Amissima Vita’s growth and development, we plan to deploy substantial capital over the next few years in Italy and are actively looking at growth in the region.”
According to the announcement, Athora has a disciplined growth plan for Amissima Vita supported by key advantages, such as a supportive longterm investor base who have committed €4.7bn of capital to support growth.
Other advantages include market leading access to investments through our strategic relationship with Apollo Global Management Inc.; a wealth of experience of managing life insurance across many European jurisdictions; and aligned interests in developing the Italian life insurance market with a focus on traditional savings products.
Andrea Moneta, Executive Vice President of Amissima Vita, said: ”Over the last few years, and with the support of our shareholder Apollo, we have succeeded in transforming Amissima Vita into an important market player, with a high-profile distribution network and the ability to grow in an increasingly competitive environment.
“Becoming part of Athora now opens a new and exciting chapter for Amissima Vita: growth and consolidation in the Italian market.”
