“We have had a successful presence in Italy – a profitable and important market for us – for a long time now. 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 on the Italian market”, said Sven Fokkema, the member of Talanx AG’s Board of Management responsible for the Retail International Division. “Amissima is a perfect fit, since we want to expand our non-life insurance business. We are delighted to be acquiring this company, which has a great deal of potential and complements our activities well.”
Founded in 1920, Amissima was acquired by investment funds managed by affiliates of Apollo Global Management Inc. in 2015. The company’s premium volume of EUR 293 million puts it among Italy’s top 20 non-life insurers, and it employs approximately 300 people. HDI Assicurazioni’s roughly 400-strong workforce generates a premium volume of around EUR 1.7 billion (2019). EUR 1.3 billion of this figure is attributable to the life insurance business and EUR 400 million to non-life insurance.
The purchaser is HDI Assicurazioni. Talanx intends to fund the transaction from existing funds. The deal is expected to close in the first quarter of 2021, subject to approval by the relevant supervisory authorities.
This news release contains forward-looking statements which are based on certain assumptions, expectations and opinions of the Talanx AG management. These statements are, therefore, subject to certain known or unknown risks and uncertainties. A variety of factors, many of which are beyond Talanx AG’s control, affect Talanx AG’s business activities, business strategy, results, performance and achievements. Should one or more of these factors or risks or uncertainties materialise, actual results, performance or achievements of Talanx AG may vary materially from those expressed or implied in the relevant forward-looking statement. Talanx AG does not guarantee that the assumptions underlying such forward-looking statements are free from errors nor does Talanx AG accept any responsibility for the actual occurrence of the forecasted developments. Talanx AG neither intends, nor assumes any obligation, to update or revise these forward-looking statements in light of developments which differ from those anticipated.