Allianz, a leading insurer and asset manager, has completed the acquisition of Tua Assicurazioni S.p.A. from Assicurazioni Generali S.p.A., an Italian global insurance and asset management provider.
The transaction is in alignement with the implementation of Generali’s “Lifetime Partner 24: Driving Growth” strategy in Italy to pursue profitable growth, reduce complexity to make its operating machine more efficient and increase P&C diversification.
Generali added that the transaction “generates a positive impact of around €50 million on the net profit, and a neutral effect on the normalised net profit, adding approximately 1 p.p. to the Group Solvency II position.”
Mediobanca – Banca di Credito Finanziario S.p.A and Rothschild & Co. acted as the financial advisors and the law firm Gianni & Origoni acted as the legal advisors for the transaction.
Upon completion of the transaction, which has already cleared regulatory approvals, Allianz’s P&C market share in Italy is expected to increase by approximately 1%, consolidating its position as the third biggest player in the Italian P&C market.
Tua Assicurazioni has a profitable P&C insurance portfolio with overall gross written premiums of about €280 million in 2022, mainly managed via a distribution network of almost 500 agents.
Allianz added, “Thanks to its strong focus on customer centricity and distribution excellence, Allianz will ensure a smooth transition for clients, employees and agents, while maximizing the benefits of its scale.”
