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Allianz and Aviva seal deal over major acquisition

Allianz and Aviva seal deal over major acquisition | Insurance Business UK

Allianz and Aviva seal deal over major acquisition

Allianz SpA (Allianz), the Italian holding company of the Allianz Group, has strengthened its position in the Italian property & casualty (P&C) insurance market through its latest acquisition.

It has now completed the transaction to acquire Aviva Italia SpA, the Italian P&C insurance entity of insurance giant Aviva Group.

The transaction with Aviva Italia Holding SpA, worth around €330 million (approximately £282 million), was announced in March 2021. It involved a portfolio equally distributed between motor and non-motor business segments with gross written premiums (GWP) of approximately €400 million.

Read more: Allianz SE outlines changes to board of management

Aside from completing the Aviva acquisition, Allianz Suisse Life has also sealed its reinsurance agreement with Resolution Re, the Bermudian reinsurance platform of Resolution Life.

Last month, Resolution Life confirmed that Resolution Re had entered into a reinsurance agreement with Allianz Suisse Lebensversicherungs-Gesellschaft AG (Allianz Suisse).

Resolution Re’s CEO Steve Hales described the deal as “the largest European-to-Bermuda life legacy portfolio reinsurance transaction to date,” with Allianz SE transferring a quota share of 80% of the liabilities of Allianz Suisse’s Traditional Individual Life Business to Resolution Life.