Allianz Forks Over $612M For Unipol Portfolio

Law360, New York (March 17, 2014, 12:47 PM EDT) -- German insurance giant Allianz SE has agreed to acquire Italian insurer UnipolSai Assicurazioni SpA's property and casualty business for €440 million ($612.8 million), bolstering its share in the profitable Italian market, Allianz announced Saturday.

UnipolSai, which is a unit of Unipol Gruppo Finanziario SpA, is handing to Munich-based Allianz a property and casualty portfolio that includes premiums worth €1.1 billion, 729 agencies and 500 employees serving approximately 1.5 million customers in Italy. The assets previously belonged to the former Milano Assicurazioni SpA, which merged into UnipolSai Assicurazioni,...
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