Allianz Group has acquired an additional 29.43% stake in the France-based trade credit insurer Euler Hermes for €1.5bn.

With the latest acquisition, Allianz’s shareholding in Euler Hermes has increased to 92.43%. The deal will boost its position in property and casualty market.

Allianz launched the tender offer to acquire the remaining shares of Euler Hermes it did not own on 15 January 2018.

Allianz said: “Including the purchase of shares prior to the launch of the tender offer, Allianz has acquired an additional 29.43% of Euler Hermes share capital, representing a total investment of approximately €1.5bn ($1.48bn).”

The Germany-based insurer believes that the transaction will be immediately earnings-per-share (EPS) accretive.

Euler Hermes offers a wide variety of bonding, guarantees and collections services for the management of business-to-business trade receivables.

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The group posted a consolidated turnover of €2.56bn in 2017. It reported net income of €315.4m for the year 2017, an increase of 10% compared to €287m a year ago.