Allianz announces Italian expansion with major acquisition
Allianz announces Italian expansion with major acquisition | Insurance Business Canada
Insurance News
Allianz announces Italian expansion with major acquisition
Company expects a 1% increase in P&C market share
Insurance News
By
Kenneth Araullo
Allianz has announced its agreement to acquire 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 portfolio with recorded gross written premiums totalling about €280 million in 2022. Most of these premiums are managed through a distribution network comprising nearly 500 agents.
The successful completion of this transaction is contingent upon obtaining regulatory approvals, which are anticipated to be granted at the beginning of 2024. Once finalized, this acquisition is expected to augment Allianz’s market share in Italy by approximately one percentage point.
Allianz has stated that it is well-prepared to ensure a seamless transition for clients, employees, and agents while leveraging the advantages of scale.
“The acquisition of Tua Assicurazioni perfectly fits within our strategy, growing our footprint in P&C with a focus on retail and SMEs. Since 2014 we have been successfully integrating three large groups of professional agents (Milano, SASA and recently Aviva), thanks to the depth and breadth of our products and the modern and efficient technical platform. We are confident that the new agents and their clients will benefit from joining Allianz,” Allianz S.p.A. CEO Giacomo Campora said.
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