DARAG close to completing acquisition of ERGO Assicurazioni

European run-off insurance specialist DARAG is close to completing its acquisition of ERGO Assicurazioni following the deal being authorised by the Italian insurance regulator Istituto per la Vigilanza sulle Assicurazioni (IVASS) on Friday, November 11.

The change of control will be completed before the end of November 2016 and ERGO Assicurazioni will be renamed to DARAG Italia.

DARAG said it intends to maintain and develop ERGO Assicurazioni's current lines of business, as well as establish a second pillar, run-off operations, in order to ensure continuity and underpin ERGO Assicurazioni's future growth.

"We appreciate the thorough, yet swift approval process which will enable us to take the helm of the company before year-end 2016. We will now join forces with new colleagues, agents and partners to develop our business in Italy," said Arndt Gossmann, group CEO of DARAG.