US private equity firm JC Flowers' acquisition of a majority stake in Italian insurer Eurovita Assicurazioni is its first deal in Italy since 2007, and is an example of private equity firms beginning to return to the country's depressed market.

JC Flowers will buy a 80% stake in the Italian life insurer for €47 million from Banco Popolare, Aviva Italy, and a joint venture of both companies called Finoa. The sale is subject to approval by the Italian insurance regulator.