German insurer Allianz has entered an settlement to amass Italy’s Tua Assicurazioni in a deal valued at €280m ($296.38m).
A unit of Assicurazioni Generali, Tua Assicurazioni gives property and casualty (P/C) insurance coverage options within the Italian market.
Final 12 months, the corporate reported virtually €280m in general gross written premiums.
Tua Assicurazioni operates within the motor line, which is achieved by way of a distribution community comprising almost 500 non-tied brokers in addition to brokers.
By means of the most recent buy, Allianz appears to bolster its distribution capability in Italy.
Allianz CEO Giacomo Campora stated: “The acquisition of Tua Assicurazioni completely suits inside our technique, rising our footprint in P/C with a give attention to retail and SMEs.
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“Since 2014 we now have been efficiently integrating three giant teams {of professional} brokers (Milano, SASA and lately Aviva), because of the depth and breadth of our merchandise and the fashionable and environment friendly technical platform.”
The deal awaits regulatory clearance, with completion due in Q1 2024.
Submit closing, Allianz anticipates its P/C market share in Italy will enhance by almost one proportion level.
In a press assertion, Generali famous that the divestment is according to its “Lifetime Companion 24: Driving Progress” technique in Italy, which targets worthwhile development.
The insurer additional stated that the deal will enhance its group Solvency II place by round one proportion level whereas having a “negligible” impression on its earnings per share.
Mediobanca – Banca di Credito Finanziario and Rothschild served as monetary advisors whereas regulation agency Gianni & Origoni was the authorized advisor to Generali for the transaction.
Allianz enhanced its presence in Italy in 2021 with the acquisition of Aviva Group’s Italian P/C unit, presently often called Allianz Viva.
The newest acquisition comes after Allianz Industrial appointed Elke Vagenende as its industrial managing director to steer the Benelux and Nordics areas.