Italian insurer Assicurazioni Generali is aiming to part finance its acquisition of a €3.9bn ($4.8bn) stake in peer Toro Assicurazioni from cash on its balance sheet, and by finance raised from a new €1.2bn hybrid capital bond.

An official mandate for the new bond has not yet been announced, but it is likely the insurance company will hire other relationship banks to arrange the bond sale, a list including ABN Amro, BNP Paribas and UBS, among others.