Private equity firm Corsair is set to divest RGI, an independent provider of software solutions to the European insurance industry, to CVC Capital Partners Fund VIII.
The financial details of the transaction were not disclosed.
Headquartered in Milan and Ivrea, Italy, RGI focuses on providing solutions that address core processes including policy administration, claims, analytics, market management, reporting and sales, and distribution.
The company’s solution portfolio is used by Property & Casualty and Life insurance clients across Europe.
It has around 1,200 professionals in 20 offices across eight countries.
Following the acquisition, CVC will continue to support RGI with its growth. It will also invest in product offering as well as support its transition to a cloud-based platform.
CVC Partner and European TMT head Leif Lindbäck Leif Lindbäck said: “RGI is an outstanding company with an industry-leading technology platform and strong sector position. We are excited to be part of the Company’s journey going forward.
“Having followed RGI for several years, we have been impressed by the growth that Cécile and her management team have achieved, transforming the Company into a pan-European insurance software leader.”
RGI Group CEO Cécile André Leruste said: “CVC has a wealth of experience and an impressive track record helping companies accelerate their growth. We’re delighted to have found another team whose values are aligned with our own and who are committed to our future as a leader in the digitization of the European insurance market.
“On behalf of everyone at RGI, we’d like to thank Corsair for their invaluable guidance and support as we transformed our business under their stewardship.”