Private equity firm Cinven is reportedly considering the divestiture of Italian life insurance company Eurovita.

The deal, if materialised, could fetch as much as $710m (€600m), Bloomberg reported citing people familiar with the issue.

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Parties interested in buying the life insurer is expected to include private equity funds and rival insurers.

According to the report, Cinven is working alongside Deutsche Bank for the sale. Neither Cinven nor Deutsche Bank has given any official confirmation on the matter.

The Eurovita group was created in 2017 with the merger of ERGO Previdenza, Old Mutual Wealth Italy and Eurovita Assicurazioni.

As per Cinven’s website, Eurovita manages around 680,000 life policies, with over €2bn of premiums and nearly €17bn of gross reserves. The business has a network of around 150 agents, 11,000 financial advisers along with 2,500 bank branches.

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In 2019, Eurovita agreed to buy Pramerica Life from Prudential Financial.

Cinven was also among the suitors for Aviva’s Italian business.

However, Aviva recently decided to sell the business to CNP Assurances as well as Allianz for a combined value of €873m. Under the agreement, Aviva’s life insurance business will be acquired by CNP Assurances for €543m, while Allianz will buy its general insurance business for €330m.

The deals will mark the exit of Aviva from Italy upon completion in the second half of this year.

Meanwhile, last month, the European Commission approved the acquisition of London-based specialist re/insurance broker Miller by Cinven and Singapore’s sovereign wealth fund GIC.

The deal was cleared after the Commission found that it would not pose competition challenges.