Allianz buys 50% stake in UniCredit’s P&C insurance venture Incontra
European insurance giant Allianz has acquired a 50% stake in UniCredit’s Italian P&C insurance company Incontra Assicurazioni, replacing UnipolSai. UnipolSai Assicurazioni and UniCredit have decided to terminate their joint-venture partnership.
UniCredit said Friday (July 07) that it would buy the 51% stake of the non-life insurance venture from UnipolSai, and then sell 50% of Incontra to Germany’s Allianz.
Following the deal, UniCredit will grow from 49% to 50% of the issued share capital of Incontra, while Allianz will obtain the control of the company following shareholders’ agreement.
The closing of both transactions is subject to customary authorisations and it is expected to take place by year end.
UniCredit expects the transaction to have a “negligible capital impact” on it at the time of closing.
It stated that the “underlying decision of UniCredit's management is aligned with the strategic plan ‘UniCredit Unlocked’ aimed to simplify the current bancassurance set-up and to increase flexibility.”
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