BNP Paribas Cardif finalizes acquisition of 100% of Italian non-life insurer Cargeas Assicurazioni - news - Corporate
Skip to Content

BNP Paribas Cardif finalizes acquisition of 100% of Italian non-life insurer Cargeas Assicurazioni

28 December 2017

Following an agreement signed on 25 July 2017, Italian regulatory authorities Autorità Garante della Concorrenza e del Mercato (AGCM) and Instituto per la Vigilanza sulle Assicurazioni (IVASS) approved the acquisition by insurer BNP Paribas Cardif of 100% of Cargeas Assicurazioni (CARGEAS).

 

The acquisition of CARGEAS[1], a major provider of non-life bancassurance in Italy, marks a new stage in BNP Paribas Cardif’s development plan. The insurer’s 2017-2020 plan aims to generate 400 million euros in additional revenues by 2020.

 

Previously owned jointly by BNP Paribas Cardif (50% less one share) and Ageas (50% plus one share), CARGEAS sells health, homeowner, automobile and creditor insurance to some 580,000 individuals and business clients in Italy. In 2016, CARGEAS had gross written premiums under IFRS[2] of 229 million euros and recorded a net profit under IFRS of 44 million euros.

 

“We are delighted with the closing of this transaction, which will double our personal protection insurance business volume in Italy, our second-largest market in terms of gross written premiums[3]. We are very proud to provide our expertise in personal and property insurance for all our Italian partners including UBI Banca and BNL to help them even better address the expectations of their clients, which are changing with new uses and lifestyles,” says Virginie Korniloff, BNP Paribas Cardif Chief Operating Officer, Domestic Markets.                      

 

[1] A former subsidiary of UBI Banca, UBI Assicurazioni rebranded to Cargeas Assicurazioni in 2015.

 

[2] International Financial Reporting Standards

[3] BNP Paribas Cardif in Italy is one of Italy’s top 10 insurance companies (ANIA 2016 ranking) with 2016 gross written premiums of 4.5 billion euros 2016.