Cinven-backed Eurovita, the independent Italian life insurer, agreed to acquire Pramerica Life, an Italian insurer specialized in life insurance, from Prudential Financial, a financial services provider. The completion of the transaction is subject to the customary authorisation by the Italian insurance supervisor, IVASS and the Italian Antitrust Authority. Financial terms were not disclosed. “The acquisition of Pramerica by Eurovita is a clear example of the market consolidation strategy that Cinven pursues in order to create value through its portfolio companies. It also enhances Eurovita’s capabilities in providing customers and distributors with attractive products. Thanks to its organic growth and its acquisitions, Eurovita has now made a new step to consolidate its leadership in the Italian life insurance industry,” Eugenio Preve, Cinven Senior Principal.