Munich Re sells Ergo insurance company to Cinven

Munich Re Insurance companies News

The price of this massive sale has remained undisclosed, but it has moved Cinven up a notch in Italy’s industry. Munich Re has now agreed to sell its Italian insurance company, Ergo to a British private equity investor, Cinven, which has been working to boost the size of its position as an insurer within Italy’s industry. The agreement means that Cinven will be acquiring both the life and property-casualty businesses. Early this week, Ergo stated that the insurance companies it would be selling would be Ergo Assicurazioni and Ergo Previdenza.…

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Fitch Ratings on the state of Italian insurance industry

Italian Insurance Industry

Italian insurance industry retains negative outlook Fitch Ratings, a global ratings agency and division of the Fitch Group, has released a statement concerning the state of the Italian insurance industry. Italy, like other countries in Europe, has been struggling to cope with the impact of financial crisis. The country was one of the hardest hit by the crisis, which took hold of the region in 2009. Years have passed since the development of the crisis and several countries are still working to mitigate its effects and recover. Industry pummeled by…

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Italy turns to the insurance industry to help with crippling debt crisis

Italy is on the verge of a financial meltdown, which may have dire ramifications for the global economy. Investors and financial institutions have begun casting doubt on Italy’s ability to survive a financial disaster, and now the government is turning to the insurance industry for help. Italian officials are looking to adopt disaster insurance to help mitigate the impact of a potential economic catastrophe. The country’s debt – more than $2 trillion – could mean that it is beyond rescue, even for the insurance industry. The insurance industry in Europe…

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