Intesa Sanpaolo Vita to purchase Cargeas insurance from BNP Paribas Cardif

Intesa Sanpaolo Vita has signed a memorandum of understanding with BNP Paribas Cardif for the purchase of 100% of the Cargeas Assicurazioni insurance company, for €390 million.

The transaction is expected to be completed in the first half of 2021, subject to the necessary authorizations by the competent authorities.

Cargeas Assicurazioni is a non-life insurance company operating in the bancassurance sector, mainly through the UBI Banca banking network. It provides insurance solutions for motor, property, health, credit protection, business and income protection, with approximately 600,000 customers throughout Italy. In 2020, Cargeas registered Non-Life Premiums of around €226 million.