Allianz: boosts position in non-life insurance in Italy
(CercleFinance.com) - On Thursday the German insurer Allianz announced the acquisition of the Italian P&C business of its British competitor Aviva in order to strengthen its position in the Italian non-life insurance sector.
The Munich-based insurance giant said that the deal, worth about 330 million euros, will enable it to increase its share of the non-life insurance market in Italy by about one percentage point and strengthen its position as number three in the sector.
The portfolio in question is split 50-50 between automobile contracts and non-automobile contracts, representing total premiums of 400 million euros.
The scope of business sold represented a workforce of about 500 professionals.
The French company CNP Assurances announced this morning that it is to acquire Aviva's Italian life insurance business for 543 million euros.
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The Munich-based insurance giant said that the deal, worth about 330 million euros, will enable it to increase its share of the non-life insurance market in Italy by about one percentage point and strengthen its position as number three in the sector.
The portfolio in question is split 50-50 between automobile contracts and non-automobile contracts, representing total premiums of 400 million euros.
The scope of business sold represented a workforce of about 500 professionals.
The French company CNP Assurances announced this morning that it is to acquire Aviva's Italian life insurance business for 543 million euros.
Copyright (c) 2021 CercleFinance.com. All rights reserved.