Allianz S.p.A., the Italian holding company of the Allianz Group, announced it has finalized the acquisition of Aviva Italia S.p.A., the Italian property & casualty (P/C) insurance entity of the Aviva Group.
The transaction, which is worth about €330 million euros ($382.4 million), was announced in March 2021. It involved a portfolio equally distributed between motor and non-motor business segments with gross written premiums of about 400 million euros ($463.6 million).
Allianz said the completion of the transaction further strengthens the company’s number three position in the Italian P/C insurance industry, increasing the company’s market share by approximately one percentage point.
Aviva’s CEO Amanda Blanc, who took the helm in July of 2020, has been selling off non-core units. Instead, the company is focusing on its strongest and most strategically advantaged businesses in the UK, Ireland and Canada, “where we have market-leading positions, can generate attractive returns, we have a strong powerful brand, we deliver excellent customer service and we have a clear opportunity to deliver sustainable growth,” said a CEO statement included in the company’s half-year results in August.
Blanc said the sales of eight businesses will provide cash proceeds of £7.5 billion ($10.1 billion).
Source: Allianz and Aviva
Topics Mergers & Acquisitions
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