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
Was this article valuable?
Here are more articles you may enjoy.
Insurtech Lemonade Starts Autonomous Car Product With Tesla’s Data 
Water ‘Bankruptcy’ Era Has Begun for Billions, Scientists Say 
Battle Between Applied Systems and Comulate Escalates With New Antitrust Lawsuit 
NYC Mayor Mamdani Widens Delivery-App Crackdown With Lost-Pay Lawsuit 
