Cinven completes acquisition of ERGO Italia
Cinven has today completed the acquisition of ERGO Italia, a Milan-based provider of life and non-life insurance products, for an undisclosed consideration.
Cinven's Financial Services and Italian teams identified ERGO Italia as an attractive platform from which to lead consolidation of the Italian insurance market, the fourth largest and among the fastest growing in Europe. In addition, ERGO Italia has stable cash flow and attractive new business.
Cinven has a strong track record of investing in, growing and consolidating insurance companies in Europe including JRP Group and Guardian Financial Services (UK) and Heidelberger Leben (Germany).
ERGO Italia represents Cinven's ninth investment in life insurance in Europe (including bolt-on acquisitions) and the 14th investment from Cinven's Fifth Fund.