Global insurer Allianz has closed the acquisition of the automobile and other Property & Casualty business from SulAmérica for around BRL 3.2 billion (€0.5 billion).
This deal was first announced late last year and sees Allianz grow its geographical footprint in Brazil.
“This represents our largest investment in Brazil,” said Iván de la Sota, Member of the Board of Management of Allianz SE and Chief Business Transformation Officer responsible for Insurance Ibero-LatAm Region.
“With SulAmérica, we attain a leading position in the growing Property-Casualty market in the largest economy of South America. It is also a great opportunity to deploy digital technologies and deliver first-class solutions for local brokers and customers.
”Allianz does not only incorporate business lines but also intellectual capital, technological systems, distribution channels as well as all other assets and liabilities.
“The combined intelligence in automobile and other Property-Casualty operations is expected to foster business diversification opportunities through cross-selling with the new customer base.“
“Today, a new Allianz is being born that combines the best of both worlds. In a challenging moment, professionals from both sides have shown exemplary quality, professionalism and performance in this operation,” added Eduard Folch, CEO of Allianz Brazil.
“This allowed to complete the transaction ahead of the deadline, consolidating the brand as a reference in Brazil. We thank SulAmérica for their efforts throughout the process and welcome the new employees, brokers, and clients to Allianz Group and thank in particular all involved employees from all sides for making this acquisition a success.”