Cinven Is Said to Prepare Sale of Life Insurance Firm Eurovita

Cinven plans to sell life-insurance company Eurovita in a deal that could be valued at as much as 600 million euros ($710 million), according to people familiar with the matter.

The buyout firm is working with Deutsche Bank AG as it prepares for a sale of Eurovita, the people said, asking not to be identified discussing confidential information. Eurovita could attract both private equity funds and rival insurers, the people said.

Representatives for Cinven and Deutsche Bank declined to comment.

Cinven bought Eurovita Assicurazioni in 2017 and merged it with ERGO Previdenza and Old Mutual Wealth Italy to create a consolidated platform for life insurance products in Italy. Eurovita later acquired Italy’s Pramerica Life SpA. The company manages about 680,000 policies with more than 2 billion euros of premiums, according to Cinven’s website.

Specialist consolidators like Eurovita snap up life insurance policies and then seek to change investment strategies and boost returns. Eurovita signs new policies, whereas other platforms are more focused on buying portfolios of legacy policies from large insurers, known as back books. Cinven has been one of the most active private equity firms in this field of finance and buys life books in Germany via its portfolio company Viridium Group.

The sale of Eurovita comes after Cinven this month lost out in the race to acquire the Italian life and general insurance units of London-based Aviva Plc. The businesses were sold to CNP Assurances and Allianz SE in a pair of deals totaling 873 million euros.

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