MILAN, March 20 (Reuters) - Italian private equity funds Palladio Finanziaria and Sator said on Tuesday their offer to rescue Fondiaria-SAI sees net profit at the troubled insurer above 420 million euros in 2015 after a merger with unit Milano Assicurazioni.
In 2011 Fondiaria reported a net loss of 852 million euros.
In slides on their business plan, the two funds said their offer will take Fondiaria's solvency ratio to more than 160 percent in 2015 from 78.2 percent at the end of 2011.
The bid from Palladio - a regional player with clout in Italy's North-East - and Sator, founded by Italian turnaround banker Matteo Arpe, envisages an injection of up to 450 million euros in Fondiaria parent Premafin but no merger.
The offer is a rival bid to that of insurer Unipol which in January agreed to a deal brokered by top investment house Mediobanca to save Fondiaria in a four-way merger involving a series of capital increases.
Reporting By Stephen Jewkes