Several multinational groups are racing to acquire TUA Assicurazioni from Italian insurance major Generali, reported Reuters, citing sources.

Set up in 2003, TUA Assicurazioni is a non-life insurance company that offers home, motor and health insurance services.

Acquired by Generali as part of the deal to take over Societa Cattolica di Assicurazioni (Cattolica), TUA Assicurazioni is valued at around €300m ($335m).

The transaction is part of Generali’s effort to consolidate Cattolica’s legacy assets and policies.

Generali hopes to increase profitability by concentrating on more lucrative operations by selling non-core portfolios and life products.

German insurance companies Allianz and Talanx, as well as France’s Groupama, are among the potential bidders.

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According to one of them, Italy-based Itas is one of the five potential bidders in the second round.

However, Talanx could walk away if it succeeds in an auction to acquire the insurance division of the Italian cooperative banking organisation ICCREA, the sources added.

ICCREA is likely to choose two insurance partners by the end of the month.

Expressing interest in ICCREA’s non-life business, Talanx is competing with Swiss Helvetia Group, Groupama, and Italian cooperative insurer Assimoco.

As part of the second round of the sale process launched earlier this month, TUA’s virtual data room was made available to potential buyers.

Generali is being advised by Rothschild and Mediobanca on the deal.