The deal, valued at €280 million, is set to strengthen Allianz’s position in the property and casualty (P&C) insurance segment.
Tua Assicurazioni boasts a profitable P&C insurance portfolio, generating an impressive gross written premium of approximately €280 million euros in 2022. The company manages its operations through an extensive distribution network comprising nearly 500 agents.
The acquisition, pending regulatory approvals expected in early 2024, is poised to elevate Allianz’s market share in the Italian P&C sector by approximately 1%. This move solidifies Allianz as the third-largest player in the Italian P&C market upon the transaction’s successful completion.
Giacomo Campora, CEO of Allianz S.p.A., commented, saying: “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.”
He added: “We are confident that the new agents and their clients will benefit from joining Allianz.”
Author: Joanna England
