Talanx unit HDI acquires Italian insurer Amissima in expansion move

Talanx Group unit HDI is acquiring Italian non-life insurer Amissima from Apollo as part of its strategy to enhance diversification and expand in the Italian insurance market, lifting its premium volume by approximately €300 million to roughly €2 billion.

As part of the deal, HDI Assicurazioni, a subsidiary of HDI International AG, will buy all the shares of Amissima Assicurazioni from Amissima Holdings, which is indirectly owned by investment funds managed by affiliates of Apollo Global Management. The deal is expected to close in the first quarter of 2021.

Talanx intends to fund the transaction from existing funds, and said the deal is expected to be accretive to earnings per share, and improve the group’s return on equity from 2022 onwards.

HDI said its medium-term goal is to become one of Italy’s top ten non-life insurers.

Founded in 1920, Amissima was acquired by investment funds managed by affiliates of Apollo in 2015. The company’s premium volume of €293 million puts it among Italy’s top 20 non-life insurers.

Sven Fokkema, Talanx AG’s board member responsible for the retail international division, said: “We have had a successful presence in Italy – a profitable and important market for us – for a long time now. This bolt-on acquisition allows us to diversify our business activities by expanding our non-life insurance operations. It is in line with our strategy and will further enhance our position on the Italian market.

“Amissima is a perfect fit, since we want to expand our non-life insurance business. We are delighted to be acquiring this company, which has a great deal of potential and complements our activities well.”