Allianz Buys $738 Million Insurer in Brazil From SulAmerica

Allianz SE agreed to pay 667 million euros ($738 million) for the general-insurance assets of SulAmerica, a deal that will make the German firm Brazil’s second-largest provider of motor insurance.

Europe’s largest insurer will combine the new assets with its existing Brazilian subsidiary to create a business with 1.5 billion euros of gross written premiums, according to a company statement Aug. 23. The property and casualty insurance market in Brazil is growing at 6% a year and it is by far the biggest in Latin America.

An Allianz spokesman said the insurer would not rule out further acquisitions in Brazil. ...