Slaughter and May, working as a team with European Best Friend firm Bonelli Erede Pappalardo, is advising ITAS Mutua Societa Capogruppo (ITAS Mutua) on its proposed acquisition of the Italian branches of Royal & Sun Alliance Insurance plc and Sun Insurance Office Limited (together RSA Italy) from RSA Insurance Group plc (RSA).

ITAS Mutua will pay a total cash consideration of approximately £19 million to RSA. Under the agreement, the entire insurance liabilities of RSA Italy, valued at a total consideration of £434 million, will be transferred to ITAS Mutua. The transaction is expected to complete in the second half of 2015, subject to regulatory approval.

ITAS Mutua provides over 1.2 million policies to almost 700,000 insured members. Founded in 1821, it is the oldest mutual insurance company in Italy.

Bonelli Erede Pappalardo is advising ITAS Mutua on Italian law matters.

CONTACTS

Corporate: Paul Dickson (partner), Oliver Wareham (partner), Tom O'Neill (associate), William Oates (associate)

Bonelli Erede Pappalardo: Andrea Carta Mantiglia, Stefano Micheli