Allianz is buying Aviva’s Italian P&C operations for €330million, with the deal expected to close in the second half of this year.
The acquisition of Aviva Italia includes its 500 agents and will consolidate Allianz’s position as the third-largest player in the Italian P&C market.
The Aviva Italia portfolio is equally distributed between motor and non-motor business, with gross written premiums of about €400m.
“With its strong focus on customer satisfaction and distribution excellence, Allianz is committed to ensuring a smooth transition for both clients and agents. The similarity of the business models, combined with strong investments in technological innovation by Allianz in recent years, are key elements to drive the effective integration and joint growth,” said the German insurer on the deal.
Giacomo Campora, CEO of Allianz Italia, said the acquisition fits with its strategy for growth based on a solid technical platform and continuous investments.