Iccrea Banca S.p.A. has acquired a 70% stake in BCC Assicurazioni and BCC Vita from Società Cattolica di Assicurazioni, following the termination of their bancassurance agreements.
Target Information
On October 14, 2022, Iccrea Banca S.p.A. ("Iccrea") notified Società Cattolica di Assicurazioni S.p.A. ("Cattolica") of the termination of their existing commercial agreements related to insurance distribution. Subsequently, on October 15, 2022, Cattolica exercised its planned put option, selling 70% of its shares in BCC Assicurazioni S.p.A. ("BCC Assicurazioni"), a non-life insurance provider, and BCC Vita S.p.A. ("BCC Vita"), a life insurance company, to Iccrea.
Both BCC Assicurazioni and BCC Vita function as a joint venture within the bancassurance sector, illustrating cooperation between Iccrea Group and Cattolica. The transaction highlights the dynamic nature of the bancassurance market, which combines insurance services with banking products.
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Industry Overview
The bancassurance industry, particularly in Italy, has undergone significant evolution over the past few years. The integration of banking and insurance services allows financial institutions to offer diverse products,
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in 2022
in a Joint Venture deal