Cinven private equity firm sold Italy’s damage insurance company Ergo Assicurazioni to Darag, a German insurance company focused on run-off insurance portfolios, MF Milano Finanza, writes today, reminding that Cinven had announced that it was its intention to sell Ergo Assicurazioni when it asked authorization to buy the company last year to Ivass, Italy’s insurance supervisory Authority,
Cinven had actually bought both Ergo Assicurazioni (195 million euros in reserves and about 350k insurance policies under anagement) and life insurance company Ergo Previdenza from Munich Re last November (see here a previous post by BeBeez).
Ergo Previdenza, which counts abourt 5.1 billion euros in gross reserves and about 600k life insurance policies under management, reached about 38 million euros in net profits last year.
Cinven is still interested in growing its presence in the Italian insurance market. The private equity firm is actually among the bidders for a 4.5 billion euros life insurance policies portfolio which has been put on sale by Allianz Italia (see here a previous post by BeBeez) and for Old Mutual Wealth Italy, former Skandia Italia (see here a previous post by BeBeez).
