Allianz to Buy Generali’s Tua Assicurazioni for €280 Million

Allianz SE agreed to buy Assicurazioni Generali SpA’s non-life unit Tua Assicurazioni for €280 million ($295 million), consolidating its position as number three in the Italian property-casualty insurance market.

Tua Assicurazioni has a profitable insurance portfolio with overall gross written premiums of about 280 million euros as of 2022, Allianz said in a statement late Thursday. The German company expects its share in the Italian property and casualty market to increase by about 1 percentage point once the deal has been completed.

Bloomberg News reported earlier this week that Allianz is nearing a deal to acquire Tua Assicurazioni.

Tua ...