The top insurer in Italy is no longer competing for the bancassurance business of Spanish lender BBVA. According to reports from daily Il Sole 24 Ore and Reuters, Generali decided to pull out of the race after its board had doubts concerning the profitability of the investment. Allianz and Liberty Mutual were also competing for the BBVA business.
The news follows reports from earlier in 2019 that stated the Italian insurer was in the running to invest in the bancassurance arm of BBVA via a joint venture agreement that included a network of insurers from Spain, Mexico, and Latin America valued at around €1.5 billion, sources said.
You've reached your limit - Register for free now for unlimited access
To read the full story, and get unlimited access to Insurance Business website content, just register for free now. GET STARTED HERE
Already a website member? Log in below.