The deal is expected to close in the first quarter of 2021, subject to approval by the relevant supervisory authorities.
"In line with its strategy, HDI's purchase enhances its diversification by expanding its non-life insurance business and will lift its Italian premium volume by approximately EUR 300 million to roughly EUR 2 billion. Roughly 30 percent of this figure will be attributable to the local non-life insurance business. The acquisition moves HDI up from 17th place to 11th place among Italy's non-life insurers, measured in terms of market share, giving it the chance to reach the top 10 through organic growth", as the German insurer mentioned in a statement.
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.