Allianz acquires Italian P&C business

German insurer Allianz will acquire a chunk of the Property and Casualty (P&C) insurance business of Italy’s UnipolSai, for €440 million. UnipolSai is a subsidiary of insurer Unipol, which achieved €1.1 billion of premiums in 2013.

The company’s P&C business includes 729 agencies and 500 employees which service 1.5 million customers in Italy.

“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.”

Klaus-Peter Röhler, CEO of Allianz Italy, said: “I am pleased that we were able to reach this agreement with UnipolSai. 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.”