German insurer Allianz has entered an settlement to accumulate Italy’s Tua Assicurazioni in a deal valued at €280m ($296.38m).
A unit of Assicurazioni Generali, Tua Assicurazioni offers property and casualty (P/C) insurance coverage options within the Italian market.
Final 12 months, the corporate reported virtually €280m in total gross written premiums.
Tua Assicurazioni operates within the motor line, which is achieved by a distribution community comprising almost 500 non-tied brokers in addition to brokers.
Via the newest buy, Allianz appears to be like to bolster its distribution capability in Italy.
Allianz CEO Giacomo Campora stated: “The acquisition of Tua Assicurazioni completely matches inside our technique, rising our footprint in P/C with a give attention to retail and SMEs.
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“Since 2014 we have now been efficiently integrating three giant teams {of professional} brokers (Milano, SASA and not too long ago Aviva), due to 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.
Put up closing, Allianz anticipates its P/C market share in Italy will improve by almost one proportion level.
In a press assertion, Generali famous that the divestment is consistent with its “Lifetime Accomplice 24: Driving Development” technique in Italy, which targets worthwhile progress.
The insurer additional stated that the deal will increase its group Solvency II place by round one proportion level whereas having a “negligible” influence 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, at the moment generally known as Allianz Viva.
The newest acquisition comes after Allianz Industrial appointed Elke Vagenende as its business managing director to guide the Benelux and Nordics areas.
