Allianz to acquire Tua Assicurazioni for €280m

Written by Adam Cadle

13/10/2023

Allianz has agreed to acquire Tua Assicurazioni from Assicurazioni Generali for a consideration of €280m.

Tua Assicurazioni has a profitable property and casualty (P&C) insurance portfolio with overall gross written premiums of about €280m in 2022, mainly managed via a distribution network of almost 500 agents.

The transaction is subject to regulatory approvals, expected at the beginning of 2024. Upon completion, Allianz's P&C market share in Italy is expected to increase by approximately 1 percentage point, consolidating its position as the #3 player in the Italian P&C market.

Giacomo Campora, CEO at 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."

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