Allianz S.p.A. today announced it has agreed to acquire Tua Assicurazioni S.p.A. from Assicurazioni Generali S.p.A. for a consideration of 280 million euros.
Tua Assicurazioni has a profitable property and casualty (P/C) insurance portfolio with overall gross written premiums of about 280 million euros in 2022, mainly managed via a distribution network of almost 500 agents.
The transaction is subject to regulatory approvals, expected at the beginning of 2024. Upon 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 the #3 player in the Italian P/C market.
Thanks to its strong focus on customer centrality and distribution excellence, Allianz will ensure a smooth transition for clients, employees and agents while realizing benefits of scale.
Giacomo Campora, CEO Allianz S.p.A., 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."