Allianz S.p.A. today announced it has agreed to acquire Aviva Italia S.p.A., the Italian P/C entity of Aviva Group, from Aviva Italia Holding S.p.A. for 330 million euros. The portfolio is equally distributed between motor and non-motor business segments with gross written premiums of about 400 million euros.
The transaction is subject to regulatory approvals, expected within the second half of 2021. On completion, Allianz S.p.A.’s P/C market share in Italy is expected to increase by approximately 1 percentage point, consolidating its position as #3 player in the Italian P/C market.
In total, almost 500 agents together with their client base will join Allianz, as well as the related employees of Aviva Italy, who will play an important role by bringing their service expertise and client knowledge to Allianz. With its strong focus on customer satisfaction and distribution excellence, Allianz is committed to ensure a smooth transition for both clients and agents. The similarity of the business models combined with strong investments in technological innovation by Allianz in the recent years are key elements to drive the effective integration and joint growth.
Giacomo Campora, CEO Allianz S.p.A. commented: “The acquisition of Aviva Italia S.p.A. perfectly fits with our strategy of growth in the insurance market, based on a solid technological platform and on continuous investments to offer our customers and agents products and services of an outstanding quality.”