Allianz has finalized the acquisition of the automobile and other property & casualty business from SulAmérica in Brazil.
This follows the announcement of the deal on August 23, 2019. The transaction enlarges the service offering for customers and grows Allianz’ geographical footprint in Brazil. The purchase price is 3.2 billion Brazilian real (US$595 million).
Allianz said the completion of the transaction positions it as the number two carrier in motor insurance and makes it one of the top three insurers in property-casualty insurance in Brazil.
The transaction leads to a market share of Allianz of around 15 percent in motor insurance in Brazil and a market share of 9 percent in P/C insurance.
“This represents our largest investment in Brazil,” said Iván de la Sota, member of the board of management of Allianz SE and chief business transformation officer responsible for Insurance Ibero-LatAm Region. “With SulAmérica, we attain a leading position in the growing property-casualty market in the largest economy of South America. It is also a great opportunity to deploy digital technologies and deliver first-class solutions for local brokers and customers.”
Allianz incorporates business lines as well as intellectual capital, technological systems, distribution channels as well as all other assets and liabilities. The combined intelligence in automobile and other property-casualty operations is expected to foster business diversification opportunities through cross-selling with the new customer base, said Allianz.
“Today, a new Allianz is being born that combines the best of both worlds. In a challenging moment, professionals from both sides have shown exemplary quality, professionalism and performance in this operation. This allowed to complete the transaction ahead of the deadline, consolidating the brand as a reference in Brazil,” said Eduard Folch, CEO of Allianz Brazil.
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