The insurer sold ERGO Previdenza ERGO Ergo Assicurazioni, which have 360 million euros ($383.15 million) in combined premiums. Also involved in the sale were service business ERGO Italia Business Solutions and agents network ERGO Italia Direct Network.
The businesses, which ranked number 29 in life insurance and number 30 in property-casualty in Italy, were sold to British private equity firm Cinven for an undisclosed price.
ERGO said in a statement that the transaction is just one step in the insurer’s rollback of traditional life insurance and guaranteed products.
ERGO spokesmen were mum on questions of further sales, only saying that ERGO is constantly evaluating its situation. The group projected further growth in central and eastern Europe, India, and China in the coming years.
In a separate statement, Cinven said its plans would focus on opportunities for consolidation in Italy’s burgeoning insurance market.
Cinven added that it would grow its ERGO purchases organically and via bancassurance acquisition.
Despite the sales, ERGO would maintain its presence in Italy as it would still offer DAS legal insurance with
Generali (worth 61 million euros in 2014) and ERV travel insurance (with premiums of less than 10 million euros).
