Menu

Reinsurance News

Allianz to acquire the Italian P/C entity of Aviva

4th March 2021 - Author: Charlie Wood

Global insurer Allianz is set to acquire Aviva Italia S.p.A., the Italian P/C entity of Aviva Group, for €330 million.

allianz-flagsAviva 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.”

Print Friendly, PDF & Email

Recent Reinsurance News

Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.

  • Only email is mandatory, but the more you tell us about yourself the better we can serve you in future!
  • This field is for validation purposes and should be left unchanged.

By submitting the form you are giving your consent to be emailed by us.

Read previous post:
RenaissanceRe Capital Partners replaces Ventures brand

Bermuda-based reinsurer RenaissanceRe Holdings has rebranded its Ventures business as “RenaissanceRe Capital Partners." Senior Vice President Chris Parry is expected...

Close