European run-off insurance specialist,
The deal is subject to the Italian insurance regulator’s (
Ergo Assicurazioni was part of the Ergo’s Italian arm, sold by German Ergo Group in 2015.
Once authorised by
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
“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
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.