Istituto per la Vigilanza sulle Assicurazioni has given its approval for Phlavia Investimenti Srl's acquisition of Eurovita Assicurazioni SpA.
The transaction is expected to be completed by the end of August.
Additionally, the regulator authorized the merger of Phlavia Investimenti's subsidiaries: ERGO Previdenza SpA, Old Mutual Wealth Italy SpA and Eurovita Assicurazioni.
Phlavia Investimenti is a subsidiary of private equity firm Cinven. The Italian group is pursuing a consolidation strategy of the Italian life insurance industry.
Eurovita Assicurazioni is an Italian life insurance company with a specialization in bancassurance.