Germany-based Allianz has closed its €500 million acquisition of the automobile and other property & casualty business from SulAmérica (SulAmérica Auto e Massificados) as part of an ongoing deal.
With plans of becoming one of the top 3 insurers in Brazil, SulAmérica had announced the deal in August last year. The insurance giant had said that the acquisition will aid in capturing a market share of 15% in motor and 9% in property-casualty in Brazil and foster business diversification opportunities via cross-selling with the latest customer base.
The deal is said to be Allianz’s largest investment in Brazil, not just in catering customers but in setting up geographical footprint in the country as well.
Eduard Folch, Allianz Brazil CEO said that in challenging moments, professionals from both sides have shown exemplary quality, professionalism and performance in the operation and this has allowed to complete the transaction ahead of the deadline, solidifying the brand as a reference in Brazil.Allianz Seguros has been active in in Brazil for over 115 years in property-casualty and health insurance with its presence in more than 100 branches nationwide, along with 30 automotive centers, and over 27,000 insurance brokers.