19.01.2022 – 10:15
VHV Allgemeine Versicherung AG, Hanover, a company of the VHV Group, and the northern Italian company ITAS Mutua, Trento, are intensifying their long-standing cooperation in property insurance. As both companies announced, VHV and ITAS have agreed that VHV will acquire 91.1 percent of the ITAS subsidiary Assicuratrice Val Piave SpA based in Belluno in northern Italy. The acquisition, the economic aspects of which have not been disclosed, is still subject to the approval of the Italian authorities. Closing is expected in spring 2022.
The Assicuratrice Val Piave was founded in the 1960s as a mutual insurance company on the initiative of some entrepreneurs to insure, as a consortium, the vehicles of transport and construction companies involved in the construction of large hydraulic works in the Dolomites. In 1998 it was converted into a public limited company (SpA: Società per Azioni). The company is 91.1 percent owned by the ITAS Group. The remaining 8.9 percent are held by minority shareholders. Assicuratrice Val Piave is particularly active in the areas of motor vehicle insurance, protection against risks related to home and family and accident protection. It looks after around 64,000 customers in the northern Italy region. The company works sustainably and profitably and achieved gross premiums written of EUR 36 million in 2020 and a balance sheet total of around EUR 100 million.
For several years, the VHV Group has been implementing its strategic positioning as a European specialist construction insurer with the aim of greater diversification of its markets and portfolio and will in future bundle its significantly expanded activities outside of Germany in its new VHV International division. Their proven expertise in the areas of property, liability, accident and engineering insurance as well as their roots in the construction segment form the basis of the expansion. In addition to the successful activities in Austria and Turkey, also there with a focus on construction risks, France followed in 2021 with the establishment of a branch.
Thanks to the many years of successful cooperation with ITAS and the possibility of acquiring Assicuratrice Val Piave, VHV has the opportunity to expand its business in Italy much faster and to position itself as a specialist construction insurer in the northern Italian market. The name of the company will be retained and the previous business of Val Piave will continue.
ITAS will continue to play a role in the management of the Belluno-based company, also to ensure full continuity of operations.
With the sale of Assicuratrice Val Piave to the VHV Group and the associated development of important industrial synergies, ITAS Mutua is strengthening its strategic options for covering risks in the corporate and public sector. The partnership between ITAS and VHV makes the ITAS brand even more attractive for broker networks, who can benefit from an even more comprehensive and qualified range.
VHV is one of the largest German car and liability insurers and an expert in the construction industry. The product philosophy: above-average performance at a reasonable price. The VHV was founded in 1919 as a self-help organization by building contractors for building contractors. The parent company of the group, VHV Vereinigte Hannoversche Versicherung, is still a mutual association today. The VHV has specialized in the sales channel with brokers and independent brokers. In 2020, the VHV Group generated sales of 3.5 billion euros. The international rating agency Standard & Poor’s (S&P) rates VHV Allgemeine Versicherung AG at A+ with a positive outlook.
ITAS Mutua is the oldest insurance company in Italy. The company, founded in 1821 in what was then Tyrol, still has its headquarters in Trento, but is represented almost all over Italy with a widespread network of agencies and two branches in Milan and Genoa. The company has always specialized in coverage for fire and other natural disasters, as well as other non-life consumer risks, and is a market leader in managing risks associated with agriculture, social security and welfare in general . In 2020, the ITAS Group generated sales of 1.4 billion euros. The rating agency Fitch gives it a BBB rating with a stable outlook. ITAS Mutua is particularly dynamic in its technological development with innovative solutions in the field of administration and innovative in its product range.
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Original content from: VHV Group, transmitted by news aktuell