A restructuring of Italy’s Unipol Group’s insurance unit has been approved to “ease the implementation” of an integrated multichannel offering model.

The plan is to reorganise the insurance unit through the disposal by UnipolSai Assicurazioni  (UnipolSai) of the following investments held by Unipol in:

  • Unisalute (Unisalute) a health insurance company equal to 98.53% of the share capital, for a total consideration of €715m;
  • Compagnia Assicuratrice Linear (Linear), an insurance company specialising in the direct sale of non-life insurance products, in particular motor insurance, equal to the entire share capital, for a total consideration of €160m

The deals are expected to be completed by the end of 2017.

Unipol Group said in the context of the transaction, it is expected that should the necessary conditions exist, the controlling stake – equal to 63.39% of the share capital – held by Unipol in Arca Vita can also be transferred in the coming months to UnipolSai.

The transaction aims to aggregate the entire insurance business of Unipol Gruppo under the control of UnipolSai.

Unipol Group said this would benefit the coherence and effectiveness in the governance and coordination of all organizational and operational aspects of the insurance business.

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The values of the disposals have been determined  with the support of Mediobanca – Banca di Credito Finanziario, and JP Morgan as financial advisors, for Unipol and UnipolSai respectively.

Unipol Group’s main shareholders are some companies of the Italian cooperative movement. It has over 14,000 employees and serves nearly 15m customers, thanks to the largest agency network in Italy.

Pierluigi Stefanini is the chairman, while Carlo Cimbri holds the position of chief executive officer, general manager and group CEO.