Helvetia Holding AG acquired the remaining 47% stake in Chiara Assicurazioni Compagnia di Assicurazioni sui Danni S.p.A. it did not already own from Banco di Desio e della Brianza SpA and other partner banks.
Helvetia paid €20 million for the remaining shares, with the deal not subject to regulatory approvals. Following the transaction, Helvetia is the sole stakeholder in the Italian nonlife insurance company.
As part of the deal, Helvetia Italy's distribution agreement with Banco di Desio and other partner banks through Chiara Assicurazioni has been extended by a further 10 years, until 2026. As a result, Helvetia Italy will be able to benefit from the large sales network of these banks. Thanks to the agreement, Chiara Assicurazioni will be able to rely on 1,614 bank branches, most of which are in northern and central Italy.
Helvetia CEO Philipp Gmür said the full acquisition of Chiara Assicurazioni will enable the group to accelerate the streamlining of its Italian operations, as "intended by the Helvetia 20.20 strategy."