Chief Financial Correspondent, Italy, Milan
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Jun 4, 2013

Generali sells U.S. unit to Scor in $920 million deal

MILAN/PARIS (Reuters) – Italy’s biggest insurer Generali (GASI.MI: Quote, Profile, Research, Stock Buzz) said on Tuesday that it had agreed to sell its U.S. life reinsurance business to France’s Scor (SCOR.PA: Quote, Profile, Research, Stock Buzz) for total proceeds of $920 million as part of its strategy to shed non-core assets.

The deal, under which Scor is paying 579 million euros ($750 million) in cash plus an additional amount for whatever the unit earns this year before the deal’s expected completion in the second half, will make Scor the largest U.S. life reinsurer.

May 29, 2013
May 29, 2013

Italy steel manufacturers look abroad to cope with ILVA crisis

MILAN, May 29 (Reuters) – Italian manufacturers have started
to turn to foreign makers of flat steel, fearing supply
disruptions at crisis-hit ILVA, their usual provider now mired
in an environmental and corruption inquiry.

The giant ILVA plant in the southern town of Taranto, which
makes 40 percent of Italy’s steel, is at the centre of a
judicial probe over its toxic emissions.

May 29, 2013
May 24, 2013
May 21, 2013
May 16, 2013
May 16, 2013

Insight: Mid-sized Italian banks face big bang for want of bucks

GENOA, Italy (Reuters) – A deepening recession and banking stress tests could find Italy’s mid-sized lenders short of billions of euros, putting the state on the hook for a new wave of cash calls and triggering an overhaul of how they do business.

Even ahead of the European stress tests, expected to take place when or shortly before the European Central Bank (ECB) takes over direct supervision of euro zone banks next year, Italy’s smaller banks are under pressure to boost their balance sheets after a Bank of Italy audit of problematic loans and to meet stricter Basel 3 capital rules. Bad loans in Italy have been climbing at an annual rate of 20 percent in recent months.

May 16, 2013

Mid-sized Italian banks face big bang for want of bucks

GENOA, Italy, May 16 (Reuters) – A deepening recession and
banking stress tests could find Italy’s mid-sized lenders short
of billions of euros, putting the state on the hook for a new
wave of cash calls and triggering an overhaul of how they do
business.

Even ahead of the European stress tests, expected to take
place when or shortly before the European Central Bank (ECB)
takes over direct supervision of euro zone banks next year,
Italy’s smaller banks are under pressure to boost their balance
sheets after a Bank of Italy audit of problematic loans and to
meet stricter Basel 3 capital rules. Bad loans in Italy have
been climbing at an annual rate of 20 percent in recent months.

May 15, 2013
    • About Lisa

      "I have been a correspondent for 13 years, reporting on banks, financial regulation and EU politics from London, Brussels, Zurich and Milan. I have also written about a variety of business sectors, general news, the arts and sport. As Chief Financial Correspondent for Italy, I keep a close eye on top Italian business stories, particularly Fiat and banking."
      Joined Reuters:
      1998
      Languages:
      English, Italian, French, German, Dutch, Spanish
      Awards:
      2010 Reuters Star Performer Award
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