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.