Allianz to acquire Tua Assicurazioni, boosting Italian P&C insurance market share

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Allianz to acquire Tua Assicurazioni, boosting Italian P&C insurance market share
Credit: © Reuters.

Allianz (ETR: ALVG ) S.p.A. has announced plans to acquire Tua Assicurazioni S.p.A., a prominent player in the property and casualty (P&C) insurance sector, from Assicurazioni Generali (BIT: GASI ) S.p.A. for €280 million. The acquisition is expected to increase Allianz's market share in Italy by one percentage point, pending regulatory approvals anticipated by 2024.

Tua Assicurazioni's gross written premiums in 2022 amounted to approximately €280 million (EUR1 = USD3849049), managed through a distribution network of nearly 500 agents. Allianz aims to ensure a smooth transition for clients, employees, and agents by leveraging its scale advantages.

The acquisition aligns with Allianz's strategic focus on expanding in the P&C sector, particularly within the retail and small and medium-sized enterprises (SMEs) market. This strategy has been validated by the successful integration of agent groups such as Milano, SASA, and Aviva (LON: AV ) since 2014. Giacomo Campora, CEO of Allianz S.p.A., affirmed this strategic alignment and emphasized the benefits this move will bring to new agents and their clients.

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