Allianz S.p.A. has revealed that it has finalised the acquisition of Tua Assicurazioni S.p.A. in a €280m deal.
The completion of this acquisition from Assicurazioni Generali S.p.A. aims to bolster Allianz’s presence in the Italian Property and Casualty (P/C) insurance market, enhancing its competitive edge.
Upon finalising the acquisition, Allianz S.p.A. anticipates a 1% increase in its P/C market share in Italy.
The Italian insurance provider boasts a profitable Property and Casualty (P/C) insurance portfolio, with gross written premiums of approximately €280m in 2022.
Operating through a distribution network comprising nearly 500 agents, Tua Assicurazioni focuses on delivering exceptional service and tailored insurance solutions to its clients.
The firm’s emphasis on customer-centricity and distribution excellence aligns seamlessly with Allianz’s strategic objectives, ensuring a seamless transition for clients, employees, and agents.
This transaction has cleared all regulatory approvals and underscores Allianz’s commitment to strengthening its position as a key player in the Italian insurance market.
Earlier this year, it was revealed that Allianz Direct, a subsidiary of the German insurance giant Allianz, was reportedly on the brink of acquiring the beleaguered French InsurTech Luko for approximately €5m.
The move is set to follow months of legal battles for Luko, which has finally managed to land a buyer in the form of Allianz Direct, according to a report from Sifted.
Once a rising star in the French tech scene, Luko faced financial turmoil and filed for bankruptcy in June last year, despite having raised $75m from top investors, including Accel and Speedinvest.
The firm’s financial decline led to a failed €14m deal with FTSE 100 insurance giant Admiral, prompting Allianz Direct to step in. The deal, subject to approval by the French commercial court, aims to rescue Luko from insolvency, retaining its 112-strong staff.
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