BNP Paribas Cardif announced yesterday the signature of an agreement with the company Ageas to take full ownership of Cargeas Assicurazioni (CARGEAS), a major non-life bancassurance provider in Italy.
BNP Paribas Cardif (50% – 1 share) and Ageas (50% + 1 share) have jointly owned CARGEAS1, a company selling health, homeowner, automobile and creditor insurance to both individuals and businesses in Italy.
The two shareholders in this joint venture have expanded CARGEAS’ business in Italy since 2009, developing non-life insurance products and services such as automobile and homeowner cover. In 2016 CARGEAS has gross written premiums of 227 million euros and recorded a net profit under IFRS of 44 million euros.
This transaction is subject to regulatory approval and is expected to close by the end of the year.
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