Athora has agreed to acquire Italian life insurer Amissima Vita from US-based private equity firm Apollo Global Management.

The financial value of the deal, which is expected to close in the first half of 2022, has not been disclosed

Amissima Vita is a key life insurer in Italy and the acquisition marks Athora’s entry into Europe’s third-largest life insurance market.

The acquired firm offers a wide range of services through partnerships with banks and a network of agents.

At the end of 2020, Amissima Vita had €7.2bn in assets under management (AUM) and its annual gross written premium stood at €800m.

Apollo Global Management had acquired Amissima Vita, previously called Carige Vita Nuova, in 2015.

Athora group CEO Michele Bareggi said: “We intend to play a key role in meeting the demand for life savings products with Amissima Vita’s distributors, and are committed to long-term growth in Italy. Furthermore, we have demonstrated the merits of our leading approach to investments, risk and capital management, which we are excited to bring to this market.”

Athora, which has €79bn in AUM, is focused on the European life insurance market.

Its entry into the Italian market follows acquisitions in the Netherlands, Belgium, Ireland, and Germany.

In April 2018, Athora bought Aegon Ireland, the Irish subsidiary of Dutch insurer Aegon, for nearly €195m.

In the beginning of 2019, Athora concluded the acquisition of Generali Belgium from Italian insurer Assicurazioni Generali in a deal valued at about €540m ($616m).

Next year, Athora completed the acquisition of Dutch insurance company VIVAT from China’s Anbang Group.