PARIS, July 2 (Reuters) - French investment company Eurazeo said it had started talks over the acquisition of Albingia, an insurance company with premiums of more than 220 million euros ($256 million) which Eurazeo said had a leading presence in its sector.
Founded in Germany in 1901 and established in France since 1962, Albingia is today the only independent insurance company in the French insurance commercial lines market, Eurazeo said.
Albingia generated over 220 million euros in premiums in 2017 while maintaining a net combined ratio below 85 percent and had, at the end of 2017, nearly 1 billion euros in assets.
Eurazeo said it was in talks with the Chevrillon and IDI Groups over the Albingia takeover, alongside Financiere de Blacailloux.
“The acquisition of Albingia fits perfectly within our investment strategy supporting high-quality assets carrying a strong development potential,” Marc Frappier, Eurazeo Capital managing partner, said in a statement.
$1 = 0.8589 euros Reporting by Sudip Kar-Gupta; Editing by Michel Rose