Intesa Sanpaolo Vita to acquire insurer Cargeas for €390M

Intesa Sanpaolo SpA's insurance unit Intesa Sanpaolo Vita SpA agreed to acquire the entirety of Cargeas Assicurazioni SpA from France-based BNP Paribas Cardif for a consideration of €390 million.

The deal is expected to close in the first half, subject to regulatory approvals, the Italian banking group said Feb. 8.

Cargeas is a non-life insurer dealing in bancassurance and offers insurance solutions for motor, property and health, among others, to some 600,000 clients in Italy. The unit booked non-life premiums of about €226 million in 2020.