ERGO Insurance Group, a subsidiary of re/insurer Munich Re, is selling its Italian subsidiary ERGO Italia, including the insurance entities ERGO Previdenza and ERGO Assicurazioni to the European private equity firm Cinven.
Representatives from both companies have signed a share purchase agreement. The parties have 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 (£253.8 million).
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 claims is taking a further step in reducing its traditional life insurance business with guaranteed products.
ERGO Insurance Group, Munich Re, ERO Italia, Cinven, Europe