Darag buys Ergo Assicurazioni - FREE

Darag buys Ergo Assicurazioni - FREE

Arndt GossmannEuropean run-off insurance specialist, Darag, has agreed to buy Ergo Assicurazioni from Ergo Italia, the Italian insurance consolidator, for an undisclosed amount.

The deal is subject to the Italian insurance regulator’s (IVASS) approval, and will be Darag´s first transaction in Italy and part of its growth plan in Europe.

Darag plans to keep Ergo Assicurazioni´s current lines of business and establish a second pillar of run-off operations.

Ergo Assicurazioni was part of the Ergo’s Italian arm, sold by German Ergo Group in 2015.

Once authorised by IVASS, Ergo Assicurazioni will be renamed Darag Italia and will become the third "strategic insurance company" within the Darag Group and a platform for Darag´s activities in southern Europe.

Darag said Ergo Assicurazioni’s portfolio is well diversified and includes all major retail non-life personal line products.

“Italy is a very attractive market, ranking number five in Europe in terms of gross written premiums,” said Arndt Gossmann (pictured), group CEO of Darag.

“Through Ergo Assicurazioni, we can leverage the expertise and professionalism of our new Italian colleagues who are already well positioned in the Italian insurance market today.

“By adding run-off solutions to the existing lines of business, Ergo Assicurazioni can also spearhead the introduction of highly efficient capital management instruments in the Italian market,” said Gossmann.

Driven in part by Solvency II, insurance run-off currently has a potential business volume of €247bn in Europe, according to figures from advisory firm PwC in September 2015.

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