CVC takes majority stake in Rgi Group

Announced on 11 March 2022, the acquisition of RGI by CVC Capital Partners Fund VIII transfers control of the Italian insurtech from Corsair Capital to CVC for an enterprise value of €500M–1.5bn. CVC Capital Partners Fund VIII, a pan‑European private equity vehicle, acquires 100% of RGI, a provider of core software systems to the European insurance market, from Corsair Capital, a specialist investor in financial‑services software and payments. Latham & Watkins advised CVC on the transaction, while Corsair was assisted by Slaughter & May and BonelliErede. The deal marks RGI's fourth change of ownership since its delisting in 2009, following earlier investments by 21 Investimenti and Quadrivio SGR, Ardian Expansion and then Corsair Capital, which acquired full control in late 2017. Under Corsair's ownership, RGI expanded through the 2019 acquisitions of Novum and Unimatica and the 2021 acquisition of Flexperto, shifting from a national player to a pan‑European provider with leadership positions in Italy, France and Germany. CVC will support RGI's management team in consolidating the fragmented European insurance‑software market and accelerating the transition to a cloud‑based, SaaS‑oriented platform. RGI's portfolio covers policy administration, claims, analytics, market management, reporting and distribution for Property & Casualty and Life insurers, including six of the top ten European insurers. The company, headquartered in Milan and Ivrea, operates 20 offices across eight countries with a team of approximately 1,200 professionals. In 2020, RGI reported revenue of €100–200M and an EBITDA of €10–30M.

In the past, Rgi Group was acquired by Corsair Capital in 2018 as part of its expansion strategy.