CVC Capital Partners Fund VIII to Acquire RGI from Corsair

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LONDON & NEW YORK & MILAN–(BUSINESS WIRE)–CVC today announced that CVC Capital Partners Fund VIII has agreed to acquire RGI (the “Company”), a leading independent provider of software solutions to the European insurance industry, from Corsair, a leading private equity firm targeting services, software, and payments investments in the financial services market. Terms of the transaction were not disclosed.

RGI provides insurers with a comprehensive and modular offering that addresses the entire insurance value chain, covering processes such as policy administration, claims, analytics, market management, reporting and sales, and distribution. RGI provides a wide range of cloud- software solutions serving Property & Casualty and Life insurance clients across Europe, with leadership positions in Italy, France, and Germany. The Company has an international, blue-chip customer portfolio covering insurance and corporate clients of all tiers, including six of the top ten European insurers.

Under Corsair’s ownership, RGI has realized significant organic and inorganic growth – including substantial progress in its shift to a SaaS-based offering as well as the 2019 acquisitions of Novum and Unimatica and the 2021 acquisition of Flexperto – evolving from a strong national player to a pan-European leader. CVC will support RGI’s management team in its future growth plans, which include further consolidating the fragmented insurance software industry and investing in the Company’s product offering and transition to a cloud-based platform.

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,” said Leif Lindbäck, Partner and Head of European TMT at CVC. “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.”

Giorgio De Palma, Partner at CVC Italy, added: “RGI is well-placed for further expansion, our vision for the future of the Company is fully aligned with the management team and we look forward to partnering with them to accelerate RGI’s growth and fully capture the significant market opportunity in Europe.”

Cécile André Leruste, RGI Group CEO, commented, “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.”

Raja Hadji-Touma and Edward Wertheim, Partner and Managing Director at Corsair, respectively, said, “This transaction is a reflection of RGI’s successful execution of its strategy to become a pan-European leader in insurance software, and the meaningful traction the Company has made in transitioning to a SaaS-based operating model with a comprehensive, industry-leading offering. We are grateful for our successful partnership with RGI and the many dedicated colleagues who have helped build an outstanding business that provides a full range of best-in-class and mission-critical solutions across the entire insurance value chain. We are confident the Company is in good hands and has a bright future with CVC.”

About RGI

Headquartered in Milan and Ivrea, Italy, RGI is a leading independent provider of core software systems to the European insurance market, providing a comprehensive and modular offering which addresses core processes, including policy administration, market management, and sales and distribution. With a team of 1,200 professionals specialized in IT, insurance, and state-of-the-art customer-experience-know-how, operating from 20 offices in 8 countries, RGI is leading the digital transformation of the insurance sector in Europe and has collaborated with over 130 insurers and 300 brokers across the region. www.rgigroup.com. Follow us on LinkedIn, Facebook, Instagram

About CVC

CVC is a leading private equity and investment advisory firm with a network of 25 offices throughout Europe, Asia and the US, with approximately US$122 billion of assets under management. Since its founding in 1981, CVC has secured commitments in excess of US$165 billion from some of the world’s leading institutional investors across its private equity and credit strategies. Funds managed or advised by CVC are invested in more than 100 companies worldwide, which have combined annual sales of over US$100 billion and employ more than 450,000 people. For further information about CVC please visit: https://cvc.com. Follow us on LinkedIn here.

About Corsair

Corsair is a global specialist investment firm offering opportunities for investors and solutions for companies across financial & business services and infrastructure. The firm has almost three decades of experience partnering with businesses at the crossroads of technology transformation and financial services complexity and established its complementary infrastructure investment practice in 2015. Corsair has invested $12 billion in capital across its global buyouts and infrastructure platforms since inception. More information about Corsair can be accessed through https://corsair-capital.com/.

Contacts

RGI
Elena Monti

elena.monti@rgigroup.com

Edelman
teamrgi@edelman.com

CVC
Nick Board

nboard@cvc.com

Corsair
Benjamin Spicehandler / Claire Keyte

Sard Verbinnen & Co.

Corsair-SVC@sardverb.com