German insurer Talanx Group is to buy the Italian non-life insurer Amissima Assicurazioni in a bid to increase diversification and grow its non-life insurance business.
“This bolt-on acquisition allows us to diversify our business activities by expanding our non-life insurance operations. It is in line with our strategy and will further enhance our position in the Italian market”, said Sven Fokkema, a member of Talanx’s Board of Management and chairman of the board of management of HDI International.
Financial details were not disclosed.
Talanx Group’s retail international division, HDI Assicurazioni, will acquire all the shares of Amissima Holdings, and lift its Italian premium volume by approximately €300m to roughly €2bn, the firm said.
Amissima Holdings is indirectly owned by investment funds managed by affiliates of US private equity firm Apollo Global Management, according to Talanx.
The transaction is expected to be accretive to earnings per share and improve the group’s return on equity from 2022 onwards.
The deal is expected to close in the first quarter of 2021, subject to regulatory approval.