Apollo sells Amissima Assicurazioni to Talanx

Amissima Vita, the life insurance business of Amissima Holdings, has not been included in this deal. Amissima Vita generated premiums of around €900m in 2019 and is still on sale; the asset has attracted the interest of private equity firm Cinven, according to Italian press reports.

Apollo acquired Carige Assicurazioni and Carige Vita Nuova via its $17.5bn Apollo Fund VIII for €310m in 2014 and subsequently rebranded the businesses as Amissima Assicurazioni and Amissima Vita, respectively. The GP invested €52m via a capital increase in the company in March 2016, to boost the growth of its non-life insurance business.

The sale of Amissima was initially scheduled for February 2020 but was subsequently put on hold following the coronavirus outbreak and restarted only in the summer, when Apollo mandated advisers Equita and KPMG to lead the auction.

In Italy, Apollo also owns a 20% stake in insurer Bene Assicurazoni, which it bought in February 2019 as part of the acquisition of NYSE-listed company Aspen Insurance Holdings. Aspen is a Bermuda-based insurance specialist that was purchased by Apollo for $2.6bn, paying $42.75 per share in cash.

Talanx has acquired Amissima Assicurazioni via HDI Assicurazioni, the Italian subsidiary of Talanx's retail international division, HDI International.

With this acquisition, Talanx intends to strengthen its market position in Italy and enhance its diversification by expanding its non-life insurance business. The deal will lift its Italian premium volume by approximately €300m to roughly €2bn, according to the company. Around 30% of this figure will be attributable to the local non-life insurance business.

Company
Founded in 1920 as Levante Assicurazioni and subsequently rebranded in 2015, Amissima is an insurance company with a network of 500 agencies located across Italy.

Amissima Assicurazioni is headquartered in Milan and specialises in property and casualty insurance. The company employs 300 staff and generated premiums of around €293m in 2019.

People
Apollo Global Management – Andrea Moneta (senior adviser).
Talanx – Sven Fokkema (board member).

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• Topics
• Exits
• Southern Europe
• Financials
• Apollo Management
• Italy
• Partial sale