Allianz Italy has unveiled its plans to purchase the property and casualty (P&C) insurance business and distribution capacity from an Italian insurer UnipolSai with premiums of EUR1.1bn.
Terms of the transaction are subject to regulatory approval.
Under the agreement, Allianz will buy the business for EUR440m which includes 729 agencies and 500 employees servicing 1.5 million customers in Italy.
Allianz Italy CEO, Klaus-Peter Röhler, said: "I am pleased that we were able to reach this agreement with UnipolSai. Our new customers will benefit from our innovative product and service offer and from our digital business model.
"This transaction provides us with an excellent opportunity to be closer to our customers and potential new customers in the Italian market."
With approximately 5,000 employees, Allianz Italy serves more than six million customers through a multi-channel network with approximately 2,200 insurance agents, 1,600 financial advisors, 1,500 bank branches of bancassurance partners and with the direct company Genialloyd.
Image: Allianz’s current head office is located in Munich. Photo: Oliver Raupach.