Fondiaria-SAI is seeking to boost its solvency ratios by raising €800 million in fresh capital, The Wall Street Journal reports. As part of the capital boost, the Italian insurer will sell new shares worth about €350 million in its subsidiary, Milano Assicurazioni. Fondiaria-SAI will also spend around €150 million on new Milano shares to retain a 55% stake in the unit. Credit Suisse and UniCredit have been appointed to underwrite the offering. The Italian insurer’s main creditor, UniCredit, will acquire 6.6% of its shares for €170 million as part of the capital-raising scheme.
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