OREANDA-NEWS. The Talanx Group is strengthening its bancassurance business in Italy by acquiring the insurance companies formerly belonging to the Italian banking group Gruppo Banca Sella. Via its Italian subsidiary HDI Assicurazioni S.p.A., Talanx is taking over 100% of the life insurer CBA Vita S.p.A. and its subsidiary Sella Life Ltd. as well as the remaining 49% in P&C insurer InChiaro Assicurazioni S.p.A. Talanx now holds 100% of the stakes in all the three companies. The purchase price is in the mid-double-digit million euro range plus a performance-linked component.

Gruppo Banca Sella has already been partner of the Italian Talanx subsidiary HDI Assicurazioni S.p.A. for eight years in P&C business. The bolt-on acquisition extends this cooperation now also to life business. An integral component of the new cooperation with Gruppo Banca Sella is an extensive distribution agreement for life products as well as for P&C products concluded for a period of ten years. In 2014 CBA Vita and Sella Life generated a gross premium volume of EUR 386.8 million and net income of EUR 4.4 million (IFRS) on a combined basis. In 2014 the Italian market showed a gross premium volume of EUR 143.3 billion (+20,6% on 2013), thereof EUR 110.5 billion Life (+29,9%) and EUR 32.8 billion Non Life (-2,7%).

"We are delighted to be able to extend our existing cooperation with Gruppo Banca Sella", Torsten Leue, member of the Board of Management of Talanx AG and Chief Executive Officer of Talanx International AG, stated. The Talanx Group has had a presence in Italian life and P&C business dating back to 1997. The acquisition is still subject to the approval of Italian regulators.