DARAG’s ac­qui­si­tion of ERGO As­si­cu­razioni S.p.A to be com­pleted be­fore the end of Novem­ber

DARAG to com­plete suc­cess­ful mar­ket en­try in Italy ●

Malta Independent - - BUSINESS & FINANCE -

Euro­pean run-off in­surance spe­cial­ist, DARAG, is set to close a land­mark ac­qui­si­tion of ERGO As­si­cu­razioni S.p.A from ERGO Italia S.p.A, the Ital­ian in­surance con­sol­ida­tor. The ac­qui­si­tion was au­tho­rized by the Ital­ian in­surance reg­u­la­tor IVASS (Isti­tuto per la Vig­i­lanza sulle As­si­cu­razioni) last week. The change of con­trol will be com­pleted be­fore the end of the month. DARAG has been ad­vised by KPMG (trans­ac­tion ad­vis­ers) and by Gianni, Origoni, Grippo, Cap­pelli & Part­ners (le­gal ad­vis­ers).

ERGO As­si­cu­razioni will be re­named DARAG Italia S.p.A. DARAG in­tends to main­tain and de­velop ERGO As­si­cu­razioni´s cur­rent lines of busi­ness, as well as es­tab­lish a sec­ond pil­lar, run-off op­er­a­tions, in or­der to en­sure con­ti­nu­ity and un­der­pin ERGO As­si­cu­razioni’s fu­ture growth.

“We ap­pre­ci­ate the thor­ough, yet swift ap­proval process which will en­able us to take the helm of the com­pany be­fore year-end 2016. We will now join forces with new col­leagues, agents and part­ners to de­velop our busi­ness in Italy,” said Arndt Goss­mann, Group CEO of DARAG.

DARAG, a reg­u­lated in­surance group and li­censed to write busi­ness in 27 Euro­pean coun­tries in­clud­ing Malta, has more than 67 years of ex­pe­ri­ence in di­rect and non-life in­surance busi­ness. Since 2009, DARAG has pi­o­neered cap­i­tal man­age­ment so­lu­tions for in­surance and rein­sur­ance com­pa­nies, by ac­quir­ing legacy port­fo­lios or in­surance en­ti­ties.

Arndt Goss­mann

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