Apollo acquires stake in Bene Assicurazioni

Italian insurance authority IVASS authorised the transaction last week.

The remaining stakes in the company are controlled by Bene Holding, which owns 55%, and German insurance company Nuernberger Group, which holds a 25% stake.

This transaction is part of the acquisition of NYSE-listed company Aspen Insurance Holdings, which controlled a 20% stake in Bene Assicurazioni. Apollo bought the Bermuda-based insurance specialist in August 2018 for $2.6bn, paying $42.75 per share in cash.

This investment in Bene Assicurazioni is the second acquisition made by Apollo in the Italian insurance sector, following the investment in Carige Assicurazioni and Carige Vita Nuova, acquired for €310m in 2014 and subsequently re-branded as Amissima.

Established in 2017, Bene Assicuarzioni provides property and casualty, automotive, travel, and health insurance.

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