Munich Re's primary insurance group selling Italian unit

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.