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Article: British-Italian life insurance joint venture falls to pieces. (Guardian Royal Exchange and the San Paolo Bank of Turin)
- Article from:
- National Underwriter Life & Health-Financial Services Edition
- Article date:
- January 21, 1991
- Author:
CopyrightCOPYRIGHT 1991 Summit Business Media. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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British-Italian Life Insurance Joint Venture Falls To Pieces
An ambitious strategy aimed at developing a joint-venture Italian life insurance business by British composite insurer Guardian Royal Exchange and the San Paolo Bank of Turin has collapsed under the weight of extensive motor losses suffered at sister non-life joint venture companies.
Less than two years after the Anglo-Italian insurance initiative was undertaken through the acquisition of three existing Italian insurance companies from industrial group Acqua Marcia, the joint venture is being unscrambled through the purchase of GRE's interests by the San Paolo Bank.
All that GRE will ...