Allianz proclaims acquisition in Italy

Allianz proclaims acquisition in Italy | Insurance coverage Enterprise America

It expects a 1% improve in P&C market share following the deal

Allianz announces acquisition in Italy

Insurance coverage Information

Kenneth Araullo

Allianz has introduced its settlement to accumulate Tua Assicurazioni S.p.A. from Assicurazioni Generali S.p.A. for a consideration of €280 million.

Tua Assicurazioni possesses a property and casualty (P&C) insurance coverage portfolio with recorded gross written premiums totaling about €280 million in 2022. Most of those premiums are managed by a distribution community comprising practically 500 brokers.

The profitable completion of this transaction is contingent upon acquiring regulatory approvals, that are anticipated to be granted firstly of 2024. As soon as finalized, this acquisition is predicted to enhance Allianz’s market share in Italy by roughly one share level.

Allianz has said that it’s well-prepared to make sure a seamless transition for purchasers, workers, and brokers whereas leveraging the benefits of scale.

“The acquisition of Tua Assicurazioni completely matches inside our technique, rising our footprint in P&C with a concentrate on retail and SMEs.  Since 2014 we’ve been efficiently integrating three giant teams {of professional} brokers (Milano, SASA and lately Aviva), due to the depth and breadth of our merchandise and the fashionable and environment friendly technical platform. We’re assured that the brand new brokers and their purchasers will profit from becoming a member of Allianz,” Allianz S.p.A. CEO Giacomo Campora stated.

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