14.06.2017 | Deal Notifications, Press releases

KPMG Law advises Itzehoer on largest corporate transaction

KPMG Rechtsanwaltsgesellschaft mbH (KPMG Law) has advised Itzehoer Versicherung/Brandgilde von 1691 VVaG on the acquisition of the entire legal insurance division of Alte Leipziger Versicherung AG. The acquisition includes the subsidiary Rechtsschutz Union Schaden GmbH and represents the largest transaction in Itzehoer’s history with the takeover of a portfolio comprising around 330,000 insurance policies. The transaction will be effective as of January 1, 2018. The German Federal Cartel Office and the German Federal Financial Supervisory Authority (BaFin) still have to approve the takeover.

KPMG Law, together with KPMG AG Wirtschaftsprüfungsgesellschaft, was the exclusive advisor on all legal and tax matters. In addition, KPMG’s Financial Services Deal Advisory team assisted with various financial aspects as part of the transaction. The transaction also includes comprehensive agreements between Itzehoer and Alte Leipziger on future sales cooperation. On this basis, both companies intend to continue the successful development of the legal insurance line with their affiliated sales partners.

The agreement with Alte Leipziger enables Itzehoer to start from the position of a top20 legal protection insurer with a broad range of widely developed products, established processes and experienced personnel. The legal insurance line of business of Alte Leipziger Versicherung AG will account for around 330,000 policies in the 2017 financial year and a share of sales of around EUR 67 million. With this transaction, Itzehoer Versicherungen will clearly exceed the threshold of one million customers.

Consultant Itzehoer Insurances

KPMG Law Firm Ltd.

Dr. Philipp Wüllrich (Lead Partner, Deal Advisory, Cologne), Dr. Volker Balda (Deal Advisory, Frankfurt a. M.), Jan Kehbel (Deal Advisory, Cologne), Dr. Martin Trayer, Dr. Klaus Olbertz (both Labor Law, Frankfurt a. M. and Cologne), Dr. Gerrit Rixen (Antitrust Law, Cologne)

Associates: Frederike Klein, Yulian Georgiev (both Deal Advisory, Cologne), Johanna Schindler (Deal Advisory, Frankfurt a. M.), Lena Maria Czapula (Labor Law, Freiburg), Bettina Schober (Antitrust Law, Cologne)

KPMG AG Auditing Company

Dr. Sandra Grote, Klaus Egger (Tax, Munich)

Ralf Baukloh (Advisory, Frankfurt a. M.)

Advisor Alte Leipziger

EY Law, Munich, Dr. Claus Elfring (lead)

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