Allianz announced that it has agreed to acquire a part of the Property and Casualty insurance business of the Italian insurer UnipolSai with premiums of €1.1 billion [$1.53 billion] (2013).
“The business includes 729 agencies and 500 employees servicing 1.5 million customers in Italy (2013),” said the announcement. “The acquisition will be for a total consideration of up to €440 million [$612 million],” and is subject to regulatory approval.
“This is an excellent fit because it enables us to grow our market share in a very mature but highly profitable market,” said Oliver Bäte, Member of the Board of Management of Allianz SE in charge of the western and southern Europe region. “I wish to welcome our new customers, employees and agents to the Allianz Group.”
“I am pleased that we were able to reach this agreement with UnipolSai,” said Klaus-Peter Röhler, CEO of Allianz Italy. “Our new customers will benefit from our innovative product and service offer and from our digital business model. This transaction provides us with an excellent opportunity to be closer to our customers and potential new customers in the Italian market.”
Allianz also pointed out that its operation in the country “is one of Italy’s largest insurance companies and is part of the Allianz Group. In Italy, with approximately 5,000 employees Allianz serves more than six million customers through a multi-channel network with approximately 2,200 insurance agents, 1,600 financial advisors, 1,500 bank branches of bancassurance partners and with the direct company Genialloyd.
“In 2013, Allianz Italy’s total premiums amounted €12.46 billion [$17.33 billion], €4.0 billion [$5.565 billion] in Property and Casualty insurance. Operating profit reached €1.34 billion [$1.864 billion], of which €1.1 billion [$1.53 billion] was attributable to Property and Casualty insurance.