Allianz gains top three position in Brazilian P&C market with €500m SulAmérica deal
Allianz has strengthened its competitive position and geographical footprint in Latin America after completing its previously announced acquisition of automobile, and property and casualty insurance portfolio of Brazilian insurer SulAmérica.
The transaction makes Allianz one of the top three insurers in Brazilian market with a market share of around 15 percent in motor and 9 percent in P&C insurance.
Allianz has closed the acquisition from SulAmérica for a purchase price of around R$3.2 billion (€0.5 billion).
Allianz expects the combined intelligence in automobile and other P&C operations to foster business diversification opportunities through cross-selling with the new customer base.
“This represents our largest investment in Brazil. With SulAmérica, we attain a leading position in the growing Property-Casualty market in the largest economy of South America. It is also a great opportunity to deploy digital technologies and deliver first-class solutions for local brokers and customers," said Iván de la Sota, member of the board of management of Allianz SE and chief business transformation officer responsible for insurance Ibero-LatAm Region.
Eduard Folch, CEO of Allianz Brazil, added: “Today, a new Allianz is being born that combines the best of both worlds. In a challenging moment, professionals from both sides have shown exemplary quality, professionalism and performance in this operation. This allowed to complete the transaction ahead of the deadline, consolidating the brand as a reference in Brazil. We thank SulAmérica for their efforts throughout the process and welcome the new employees, brokers, and clients to Allianz Group and thank in particular all involved employees from all sides for making this acquisition a success.”
