CBA advises on Italy’s first securitization of personal injury claims
CBA Studio Legale e Tributario, Prontodanno and Centotrenta Servicing have successfully completed the first Italian securitization of receivables arising from personal injury claims.
The transaction covers a target portfolio of more than 500 claims, with an expected value of €70 million. These claims originate from compensation rights, under contractual and/or tort liability, for damages suffered by individuals as a result of medical malpractice, road accidents and workplace injuries.
The issuance, highly innovative and sophisticated, was handled on the legal side by CBA, with a team led by partner Francesco Dialti, together with associate Sean Parker and trainee Claudio Mastrobattista.
Centotrenta Servicing’s in-house legal team was led by Chief Legal Officer Gianmaria Galli.
The ABS notes were subscribed by professional investors, including family offices and investment holdings of some of Italy’s leading entrepreneurial families. This debut issuance paves the way for a series of annual transactions, of increasing size, aimed at raising and deploying approximately €150 million over the next five years.
The monetization of securitized claims will be managed by law firm Clini Bastianelli, with lawyers Alberto Clini and Chiara Clini, together with Delex Law Firm.
“We are proud to have contributed to structuring such an innovative transaction, which we hope will represent another step forward in consolidating litigation funding in Italy. This instrument facilitates access to justice for injured parties, standing as a valid alternative to ordinary channels for the protection of health rights,” commented Francesco Dialti.
“With this new deal, the fourth in 2025, we are expanding litigation finance to individual retail claims. The specialized vertical Prontodanno.it acts as Portfolio Manager, selecting claims and overseeing their monetization through accurate management and scalable procedures, primarily using a bank-derived scoring model for qualitative and quantitative assessment and approval of applications. For the first time, noteholders are exclusively Italian investment holdings and family offices, a strong signal of growing interest in this asset class,” noted Francesco Consoli.
“This transaction marks a significant milestone in the development of the Italian securitization market, continuing along the path of deals backed by compensation receivables but with a specific focus on personal injuries. It demonstrates how advanced financial instruments can both strengthen the efficiency of the compensation system and, at the same time, offer professional investors diversified opportunities backed by robust legal and operational safeguards,” concluded Raffaele Faragò.