The Ergo Insurance Group, the primary insurance arm of Munich Reinsurance Co., said Monday that it is selling its Italian subsidiary to private equity firm Cinven Ltd.
Terms of the deal were not disclosed.
Ergo said it is selling its Milan-based unit, Ergo Italia, and its property/casualty and life and health subsidiaries, Ergo Assicurazioni and Ergo Previdenza, as well as insurance mediator Ergo Italia Direct Network and group service company Ergo Italia Business Solutions.
Ergo Italia posted premium volume of €359 million ($434.4 million) for 2014.
HAMILTON, Bermuda — Technology has always been a tool of the reinsurance industry but is now expanding its role in the sector, even changing the way the industry does business, according to a panel discussion at the 2015 Standard & Poors/PriceWaterhouseCoopers Bermuda Reinsurance Conference, “Reinsurance Reshaped,” in Hamilton on Tuesday.