Mar 08 - Eni sells 100% of Padana Assicurazioni to Swiss Helvetia

Source Press Release
Company ENI S.p.A. 
Tags Other Businesses
Date March 14, 2008
Eni has reached an agreement with Helvetia- Compagnia Svizzera di Assicurazioni to sell 100% of Padana Assicurazioni, of which Eni owns 26.75% and Sofid (99.61% owned by Eni) owns 73.25%.

The sale has been submitted to ISVAP, the Italian supervisory body for private insurance, and the Italian Antitrust Authority.

Padana Assicurazioni's portfolio includes casualty insurance policies for Eni's employees and policies which cover automotive related risks for Eni's companies, their employees and former employees, including their relatives.

In 2007 Padana Assicurazioni sold Eni Group's industrial risk branch to Eni Insurance Limited, a wholly owned subsidiary of Eni. The overall premiums of Padana Assicurazioni amounts to approximately 40 million euros.

The sale of Padana Assicurazioni is part of Eni's strategy to divest its non-core businesses.

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