Allianz closes SulAmerica acquisition

Allianz has closed its acquisition of the automobile and other P/C business from SulAmérica, in the insurer's largest investment to date in Brazil and for a purchase price is BRL 3.2bn (£0.5bn).

“This represents our largest investment in Brazil,” said Iván de la Sota, chief business transformation officer responsible for Insurance Ibero-LatAm Region. “With SulAmérica, we attain a leading position in the growing property casualty market in the largest economy of South America. It is also a great opportunity to deploy digital technologies and deliver first-class solutions for local brokers and customers.”

The purchase incorporates all SulAmérica's assets and liabilities, and gives the insurer a 15% market share in motor insurance in Brazil, and 9% in P/C.

“Today, a new Allianz is being born that combines the best of both worlds. In a challenging moment, professionals from both sides have shown exemplary quality, professionalism and performance in this operation. This allowed to complete the transaction ahead of the deadline, consolidating the brand as a reference in Brazil. We thank SulAmérica for their efforts throughout the process”, said Eduard Folch, CEO of Allianz Brazil, “and welcome the new employees, brokers, and clients to Allianz Group and thank in particular all involved employees from all sides for making this acquisition a success.”

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