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 boost Allianz’s market share within the Italian P&C sector by roughly one share level.
Tua Assicurazioni, identified for offering P&C insurance coverage options, operates via 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 give attention to retail and SMEs.
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“Since 2014 we’ve been efficiently integrating three giant teams {of professional} brokers (Milano, SASA and just lately 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 presently operates as Allianz Viva.
Generali, alternatively, has acknowledged that the sale is in keeping with its Lifetime Accomplice 24: Driving Progress 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 influence Generali’s internet revenue by round €50m and have a impartial impact on normalised internet revenue.
It is usually anticipated so as to add round one share level to Generali’s Solvency II ratio.
Monetary advisory providers for Generali had been supplied by Mediobanca – Banca di Credito Finanziario and Rothschild, with Gianni & Origoni performing because the authorized advisor.
