Fortis and BNP Paribas Assurance have
jointly acquired a 50 percent plus one share stake in Italy’s UBI
Assicurazioni, a market leader in property and casualty
bancassurance. UBI Assicurazioni is currently owned by UBI Banca,
which will keep the remaining stake.
Fortis and BNP will pay a consideration of
€120 million in cash on completion. An additional consideration of
approximately €40 million will be payable on achievement of certain
volume thresholds in the future.
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In 2008, UBI Assicurazioni recorded gross
written premiums of €238 million, distributing its products mainly
through the 2,000 branches of UBI Banca. UBI Banca has 4 million
customers, and a market share of approximately 6 percent.
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