German insurer Allianz has entered an agreement to acquire Italy’s Tua Assicurazioni in a deal valued at €280m ($296.38m).

A unit of Assicurazioni Generali, Tua Assicurazioni provides property and casualty (P/C) insurance solutions in the Italian market.

Last year, the company reported almost €280m in overall gross written premiums.

Tua Assicurazioni operates in the motor line, which is accomplished through a distribution network comprising nearly 500 non-tied agents as well as brokers.

Through the latest purchase, Allianz looks to bolster its distribution capacity in Italy.

Allianz CEO Giacomo Campora said: “The acquisition of Tua Assicurazioni perfectly fits within our strategy, growing our footprint in P/C with a focus on retail and SMEs. 

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“Since 2014 we have been successfully integrating three large groups of professional agents (Milano, SASA and recently Aviva), thanks to the depth and breadth of our products and the modern and efficient technical platform.”

The deal awaits regulatory clearance, with completion due in Q1 2024. 

Post closing, Allianz anticipates its P/C market share in Italy will increase by nearly one percentage point.

In a press statement, Generali noted that the divestment is in line with its “Lifetime Partner 24: Driving Growth” strategy in Italy, which targets profitable growth.

The insurer further said that the deal will boost its group Solvency II position by around one percentage point while having a “negligible” impact on its earnings per share.

Mediobanca – Banca di Credito Finanziario and Rothschild served as financial advisors while law firm Gianni & Origoni was the legal advisor to Generali for the transaction.

Allianz enhanced its presence in Italy in 2021 with the purchase of Aviva Group’s Italian P/C unit, currently known as Allianz Viva.

The latest acquisition comes after Allianz Commercial appointed Elke Vagenende as its commercial managing director to lead the Benelux and Nordics regions.