The amount of the transaction, which is subject to approval by Ivass, the authority responsible for regulating the Italian insurance market, as is customary, is not disclosed.
The company intends to use the funds to grow organically and through acquisition, focusing on consolidation opportunities in the Italian insurance market.
Ergo Italia, headquartered in Milan, operates both life and non-life insurance products through its life company Ergo Previdenza and its non-life company Ergo Assicurazioni respectively.
The insurance group distributes its savings and personal line products through a network of 160 agencies and approx. 2,000 distributors across Italy.
Its life business (Ergo Previdenza) manages approx. 600,000 life policies (mainly traditional products) with €5.1 billion of gross reserves and a net income of €38 million.
Its non-life business (Ergo Assicurazioni) manages more than 350,000 policies and approx. €195 million of gross reserves.
Founded in 1986, the Ergo Italia group employs approx. 280 people.