Global insurer Allianz is set to acquire Aviva Italia S.p.A., the Italian P/C entity of Aviva Group, for €330 million.
Aviva expects to use the increased capital and cash to support its previously announced capital framework of debt reduction, investment for long-term growth and return of excess capital to shareholders.
The portfolio is equally distributed between motor and non-motor business segments with gross written premiums of around €400 million.
On completion, Allianz S.p.A.’s P/C market share in Italy is expected to increase by approximately 1 percentage point, consolidating its position as ain the Italian P/C market.
In total, almost 500 agents together with their client base will join Allianz, as well as the related employees of Aviva Italy.
“Since I announced our new strategy in August last year, we have announced seven divestments that will generate over £5bn of cash proceeds,” said Amanda Blanc, Chief Executive Officer of Aviva.
“This rapid progress allows us to focus on transforming and growing our already strong businesses in the UK, Ireland and Canada.
“The sale of our Italian operations to high quality buyers is a positive outcome for our customers, employees, distributors and shareholders. We promised that we would deliver quickly and we are. Our work to improve Aviva for the benefit of our shareholders continues.”
Giacomo Campora, CEO Allianz S.p.A. added, “The acquisition of Aviva Italia S.p.A. perfectly fits with our strategy of growth in the insurance market, based on a solid technological platform and on continuous investments to offer our customers and agents products and services of an outstanding quality.”