DARAG to complete successful market entry in Italy
DARAG’s acquisition of ERGO Assicurazioni S.p.A to be completed before the end of November.
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) on Friday, 11th November. The change of control will be completed before the end of the month. DARAG has been advised by KPMG (transaction advisors) and by Gianni, Origoni, Grippo, Cappelli & Partners (legal advisors).
DARAG - CEO Arndt Gossmann
ERGO Assicurazioni will be renamed to 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.