Munich Re has ceded to Cinven the following companies: Ergo Previdenza, Ergo Assicurazioni, all of the network of agents of Ergo Italia Direct and Ergo Italia Business Solutions. The amount of the transaction has not been disclosed yet. The ceded companies have posted a turnover of 360 million EUR (437 million USD), ranking in the 29th position in life insurance and 30th in the non life business.
Cinven, keen on developing an insurance portfolio in Italy, relies on organic growth and on possible acquisitions on the markets. Despite these cessions, Ergo is still present in Italy through ERV Travel Insurance and DAS, a joint-venture maintained at equal shares with Generali. In 2014, these companies posted premium volumes of 10 and 61 million EUR (12 and 74 million USD) respectively.