European run-off insurance specialist Darag is set to close a landmark acquisition of Ergo Assicurazioni SpA from Ergo Italia SpA, the Italian insurance consolidator. The acquisition has been authorised by the Italian insurance regulator Istituto per la Vigilanza sulle Assicurazioni (IVASS).
The change of control will be completed before the end of the month. During the acquisition process Darag were advised by KPMG as transaction advisors and by Gianni, Origoni, Grippo, Cappelli & Partners as legal advisors.
Ergo Assicurazioni will be renamed Darag Italia SpA. 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 the end of this year. We will now join forces with new colleagues, agents and partners to develop our business in Italy,” said Darag Group CEO Arndt Gossmann.
Darag, a regulated insurance group 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.