Poste Vita S.p.A. and IBL Banca S.p.A. have acquired Net Insurance S.p.A. through a voluntary tender offer to enhance their market presence in the growing credit insurance segment in Italy.

Target Information

Poste Vita S.p.A. and IBL Banca S.p.A. (the "Offerors") have successfully acquired Net Insurance S.p.A. ("Net Insurance," the "Issuer," or the "Company") through a voluntary tender offer. This strategic acquisition aims to acquire all the ordinary shares of the Issuer, excluding 400,000 shares held by Mr. Andrea Battista, the Chief Executive Officer of Net Insurance. Consequently, this transaction will lead to the delisting of the shares from Euronext Milan, STAR Segment. Additionally, the Offerors will also acquire all outstanding warrants named "Warrant Net Insurance S.p.A." which will also be delisted from Euronext Milan, STAR Segment.

In the terms of the offer, the Offerors agreed to pay €9.50 for each share tendered and €4.81 for each warrant tendered. Net Insurance is a prominent insurance company that reported over €185 million in gross written premiums (GWP) for the year 2022, mainly focusing on credit insurance products including salary-backed loans and pension-backed loans (collectively referred to as "CQ"), as well as protection products offered through non-life/non-motor bancassurance agreements and brokers, and limited ventures in insurtech through partnerships with technology stakeholders.

Industry Overview

The insurance sector in Italy has been experiencing significant growth and transformation, driven by a combination of regulatory reforms and increasing consumer demand for personalized insurance products. The sector is