First announced on October 12, 2023, and following the receipt of regulatory approvals, the acquisition is set to bolster Allianz S.p.A.’s position in the Italian property and casualty (P&C) insurance market, raising its market share by approximately one percentage point. It will become the third-largest player in the country’s sector.
Tua Assicurazioni, known for its P&C insurance offerings, reported gross written premiums totalling around €280 million for the year 2022. The company’s business is primarily channelled through an extensive network of nearly 500 agents.
Back when it was first announced, Allianz S.p.A. CEO Giacomo Campora described the acquisition as bolstering their expertise in the segment, with a particular focus on retail and SME.
“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,” Campora said.
Earlier this year, Allianz Direct, the group’s direct business in Europe, also completed a transaction of its own by acquiring part of online insurer Luko and adding more than 100 colleagues to its branch in France.
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