Allianz is currently in bilateral talks with Brazilian insurer Sul América S.A. regarding the potential acquisition of its property & casualty (P&C) and auto units.
Sul América revealed in a recent securities filing that it had received a nonbinding offer from Allianz and was in the process of discussing a possible transaction.
If such a deal goes ahead, Sul América’s operations would be concentrated in the segments of health, dental, life, pension, and asset management, the filing explained.
However, the insurer clarified that for the moment “there is no definition, conclusion, or binding agreement related to those opportunities.”
“Only if and when those opportunities come to fruition that they will be duly disclosed to the market,” Sul América added.
Further terms of any potential transaction were not disclosed by either company.
According to local reports, premiums in the automobile segment of Sul América rose to 844.6 million reais (US $219.4 million) in the first quarter of 2019, while all other insurance lines in question amounted to 50.7 million reais (US $13.2 million).