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Milano Assicurazioni Accounts Said to Be Questioned by Regulator

Italian market regulator Consob has challenged the 2011 results of Milano Assicurazioni SpA, the insurer controlled by Fondiaria-SAI SpA, according to two people with knowledge of the matter.

Consob sent a letter to Milano questioning the insurer’s accounting of 249 million euros ($321 million) of reserves and requesting more documents, one of the people said, asking not to be identified because the letter isn’t public.

The probe raises more questions about the insurer’s ability to reach its targets, Fidentiis Equities said in a note to clients today. Milano Assicurazioni is merging with Fondiaria, Premafin Finanziaria SpA and Unipol Gruppo Finanziario SpA as part of a plan to rescue Fondiaria. Consob’s probe follows a similar review of Fondiaria’s accounts in June.

Milano Assicurazioni shares fell 4.7 percent to 32.4 cents in Milan trading, giving the company a market value of 633 million euros. The stock has gained 44 percent this year.

Milano Assicurazioni and Consob officials declined to comment on the probe, which was reported earlier today by Il Messaggero.

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