Hamburg, Germany-based Gossmann & Cie acquired Schwarzmeer und Ostsee Versicherungs AG SOVAG, or SOVAG, through its holding company Minerva Capital GmbH.
Financial terms of the transaction, closed Dec. 30, 2019, were not disclosed. The deal follows SOVAG's transfer of its legacy portfolio to DARAG Group Ltd. on Dec. 19, 2019.
The team and major parts of the infrastructure will be contributed to Gossmann's new risk carrier, a protected cell company in the process of being licensed by Maltese regulators. SOVAG returned its license following the transaction and will cease operations.
The sellers were Gazprom Germania GmbH, Insurance Co. Of Gaz Industry Sogaz and Volga Resources Investments.
Görg Partnerschaft von Rechtsanwälten and Norton Rose Fulbright LLP advised Gossmann, while the sellers were advised by Clifford Chance LLP.