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Allianz has accomplished the acquisition of Tua Assicurazioni from Assicurazioni Generali for €280m ($303.91m), increasing its P&C insurance coverage operations in Italy.
The deal, introduced in October 2023, has obtained regulatory approval and is predicted to reinforce Allianz’s market share within the Italian P&C sector by roughly one proportion level.
Tua Assicurazioni, recognized for offering P&C insurance coverage options, operates by way of a distribution community of almost 500 non-tied brokers and brokers.
In 2022, the corporate reported gross written premiums of round €280m.
Allianz claimed that this acquisition strengthens its place because the third-largest participant within the Italian P&C insurance coverage market.
On the time of the announcement, Allianz CEO Giacomo Campora stated: “The acquisition of Tua Assicurazioni completely suits inside our technique, rising our footprint in P&C with a deal with retail and SMEs.
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“Since 2014 we’ve got been efficiently integrating three massive teams {of professional} brokers (Milano, SASA and not too long ago Aviva), because of the depth and breadth of our merchandise and the fashionable and environment friendly technical platform.”
Allianz acquired Aviva Group’s Italian P&C unit in 2021, which at present operates as Allianz Viva.
Generali, alternatively, has acknowledged that the sale is consistent with its Lifetime Associate 24: Driving Development technique, which goals to pursue worthwhile development, simplify operations and improve P&C diversification in Italy.
The divestiture of Tua Assicurazioni is anticipated to positively impression Generali’s web revenue by round €50m and have a impartial impact on normalised web revenue.
It is usually anticipated so as to add round one proportion level to Generali’s Solvency II ratio.
Monetary advisory companies for Generali have been supplied by Mediobanca – Banca di Credito Finanziario and Rothschild, with Gianni & Origoni performing because the authorized advisor.
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