Global insurer Allianz is set to increase its property and casualty (P&C) market share in Italy with the acquisition of Tua Assicurazioni from Generali for a cash consideration of €280 million.
Previously part of Cattolica Assicurazioni, TUA Assicurazioni is an insurance subsidiary of the Group focused on P&C business in the Italian market.
It operates primarily in the motor business, representing around 60% of gross written premiums (GWP) generated in 2022, and had overall GWP of about €280 million in 2022, mainly managed via a distribution network of almost 500 agents.
Upon completion, Allianz’s P&C market share in Italy is expected to increase by approximately 1 percentage point.
Giacomo Campora, CEO of Allianz, 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.”
For Generali, the sale is aligned with the implementation of its “Lifetime Partner 24: Driving Growth” strategy in Italy to pursue profitable growth and reduce complexity, with the aim of making its operating machine more efficient and increase P&C diversification.
It’s expected that the transaction will add approximately 1 percentage point to the Group Solvency II position and will have a negligible impact on the EPS.
The transaction is subject to regulatory approvals, with closing expected at the beginning of 2024.
