The transaction is expected to close by the first quarter of 2024, and is subject to regulatory approval.
The acquisition is expected to substantially boost Allianz’s distribution capacity, as the company integrates Tua Assicurazioni’s network of almost 500 agents into its own.
Generali confirmed that the transaction was part of its own plans to streamline its business in accordance with its Lifetime Partner 24: Driving Growth strategic plan.
Tua Assicurazioni has a profitable insurance portfolio, reporting gross written premiums of €280 million in 2022. It provides a range of coverage, including travel, health, home, vehicle, and pet insurance.
Allianz assured stakeholders that it would ‘ensure a smooth transition for clients, employees, and agents’ while completing its takeover of the firm.
“The acquisition of Tua Assicurazioni perfectly fits within our strategy, growing our footprint in P&C with a focus on retail and small or medium-sized enterprises (SME),” said Giacomo Campora, CEO of Allianz S.p.A.
Generali also recently announced Giulio Terzariol as its first ever Chief Executive for Insurance – a role introduced as part of its work to streamline its operational model.