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DARAG to acquire ERGO Assicurazioni

DARAG DeutscheVersicherungs-und Rückversicherungs-AG agreed to acquire fromErgo Italia SpA.

The company did not disclose the consideration for the transaction,which is subject to authorization by Italian regulator IVASS.

DARAG said ERGO Assicurazioni will be renamed DARAG Italia SpA,following receipt of regulatory approval, and will be a platform for thecompany's activities in Southern Europe. DARAGintends to continue to develop ERGO Assicurazioni's current line of business aswell as establish a second pillar, run-off operations, according to the July 19press release.

Germany-based ERGOGroup AG is the ultimate parent of Ergo Italia.