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Allianz to buy business from Italy's UnipolSai

Germany's Allianz to buy part of Italian insurer UnipolSai's business for up to $612 million

Associated Press

BERLIN (AP) -- Germany's Allianz SE is to buy part of Italian insurer UnipolSai's property and casualty insurance business in a deal worth up to 440 million euros ($612 million).

Allianz said in a statement late Saturday that the business had premiums last year of 1.1 billion euros and has 500 employees serving 1.5 million customers in Italy.

Allianz board member Oliver Baete said the deal "enables us to grow our market share in a very mature but highly profitable market."

The deal requires regulatory approval.