Uniqa Insurance Said to be Selling $660m PE PortfolioKiel Porter
Uniqa Versicherungen AG, an Austrian insurer, plans to sell about 500 million euros ($665 million) of stakes in private equity funds to comply with new European Union rules, three people with knowledge of the talks said.
Uniqa, which offers life, casualty, accident and property insurance in Austria and central Europe, has hired Campbell Lutyens & Co. to approach potential buyers, said the people, who asked not to be identified because the talks are private.
The company is selling the assets to comply with Solvency II, a set of EU rules that will force insurers to match capital reserves with the perceived riskiness of the assets they own. Private-equity funds have an average risk weighting of more than 40 percent, making them one of the most expensive products for insurers to invest in.
Lansforsakringar AB, a Swedish bank and insurer, sold 1.5 billion-euros of private equity fund stakes in August to a group led by the Abu Dhabi Investment Council, a sovereign wealth fund. Dutch life insurer Delta Lloyd NV said last month it will stop managing private equity investments.
Turkan Koksal, a spokeswoman for Uniqa based in Vienna, didn’t respond to calls or e-mail seeking comment. A spokesman for Campbell Lutyens in London declined to comment.