Credit Suisse First Boston is advising insurer Toro Assicurazioni on a possible flotation in the bank's first initial public offering in Italy for four years.

Toro used to be owned by Fiat, the car manufacturer, but was sold to De Agostini, the Italian publisher, for €2.4bn ($2.9bn) only a year ago. CSFB was not involved in the M&A transaction with Lehman Brothers advising De Agostini and MCC, the corporate arm of Gruppo Capitalia, and Fox-Pitt Kelton, the financial services specialist, working for Fiat.