Exclusive-Cinven bought Eurovita bonds from GIC, others to help liquidation-source By Reuters

Exclusive-Cinven bought Eurovita bonds from GIC, others to help liquidation-source

MILAN - Private equity firm Cinven has agreed to buy back 160 million euros of debt sold by its insurer Eurovita and is open to supporting other measures to avoid a messy liquidation of the Italian company, a person with knowledge of the situation told Reuters.

Italian insurance authorities placed Eurovita under special administration this year, the first time they have taken such a step, after rising rates blew a hole in the life insurer's cash reserves. To protect savers, a group of five insurers has agreed to take over the life policies of Eurovita clients, while the rest of the company will be liquidated, in a rescue orchestrated by Italian authorities. The five insurers will become shareholders in a new company dubbed Cronos Vita.

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