Covéa to sell its stake in two Italian joint ventures

Covéa is selling its 81% stake in the capital of the joint ventures Bipiemme Vita and Bipiemme Assicurazioni to Banco BPM. The transaction is valued at 310 million EUR (328.305 million USD). The Italian bank thus becomes the sole shareholder of the two joint ventures.

This operation is part of the mutual group's determination to refocus its international activities in the United Kingdom and to make reinsurance its main lever for industrial development abroad, especially with the acquisition of Partner Re.

The deal is still pending approval from the Italian supervisory authorities.