ERGO sells Italian subsidiaries
The ERGO Insurance Group is selling its Italian subsidiary ERGO Italia including the insurance entities ERGO Previdenza and ERGO Assicurazioni to the European private equity firm Cinven. Representatives of both companies signed a share purchase agreement. Closing of the sale is subject to regulatory approval customary for transactions of this type. The parties agreed not to disclose the purchase Price.
ERGO Italia Group, with registered office in Milano, operates in the property-casualty, life and health insurance segments with its subsidiaries ERGO Previdenza and ERGO Assicurazioni. In 2014, premium income stood at €359 million. The Group ranks no. 29 in the Italian life insurance and no. 30 in the non-life insurance market.
Part of the deal is also the insurance mediator ERGO Italia Direct Network and the group service company ERGO Italia Business Solutions.
With the sale ERGO is taking a further step, abroad too, in reducing its traditional life insurance business with guaranteed products.
Cinven is a European private equity investor with a long and successful track record of investing in the financial services sector.
ERGO is one of the major insurance groups in Germany and Europe. Worldwide, the Group is represented in over 30 countries and concentrates on Europe and Asia. ERGO offers a comprehensive spectrum of insurance, provision and services. In its home market of Germany, ERGO ranks among the leading providers across all segments. About 43,000 people work for the Group, either as salaried employees or as full-time self-employed sales representatives. In 2014, ERGO recorded a premium income of 18 billion euros and rendered benefits to customers at almost the same level. ERGO is part of Munich Re, one of the world's leading reinsurers and risk carriers. More at www.ergo.com
In this press release “Cinven” means, depending on the context, any of or collectively, Cinven Group Limited, Cinven Partners LLP, Cinven (LuxCo1) S.A., Cinven Capital Management (V) General Partner Limited and their respective Associates (as defined in the Companies Act 2006) and/or funds managed or advised by the group.
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