Allianz, a prominent insurance provider, has recently announced its agreement to acquire Tua Assicurazioni from Assicurazioni Generali in a deal valued at €280m.
The completion of this transaction is subject to regulatory approvals, expected to be granted at the beginning of 2024. Upon finalisation, the acquisition will boost Allianz’s market share in Italy’s P/C insurance sector by approximately 1 percentage point, further solidifying its position as the third-largest player in the Italian P/C market.
Leveraging its unwavering focus on customer-centricity and distribution excellence, Allianz aims to ensure a seamless transition for clients, employees, and agents while capitalizing on the benefits of scale.
Tua Assicurazioni boasts a profitable property and casualty (P/C) insurance portfolio, with total gross written premiums amounting to approximately €280m in 2022. This portfolio is primarily managed through an extensive distribution network, comprising nearly 500 agents.
Giacomo Campora, CEO of Allianz, commented, “The acquisition of Tua Assicurazioni perfectly fits within our strategy, growing our footprint in P/C with a focus on retail and SMEs. Since 2014 we have been successfully integrating three large groups of professional agents (Milano, SASA and recently Aviva), thanks to the depth and breadth of our products and the modern and efficient technical platform. We are confident that the new agents and their clients will benefit from joining Allianz.”
Allianz stands as one of the leading insurers in Italy, with a workforce of approximately 4,700 employees dedicated to serving over 8 million customers through a multi-channel distribution model. In 2021, Allianz reinforced its Italian presence by acquiring the P/C entity of Aviva Group, which was subsequently rebranded as Allianz Viva S.p.A.
This acquisition demonstrates Allianz’s commitment to expanding its presence and offerings in the Italian P/C insurance sector, positioning it as a key player in the market.
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