Allianz bolsters Italian P/C market presence with acquisition of Tua Assicurazioni from Generali

In a pivotal move underscoring its commitment to the Italian market, Allianz S.p.A. announced the acquisition of Tua Assicurazioni S.p.A. from insurance giant Generali for a cash deal of €280 million. This transaction, steeped in strategic significance, mirrors Generali’s “Lifetime Partner 24: Driving Growth” strategy in Italy, aimed at fostering profitable growth and enhancing operational efficiency.

Transaction Insights

• Strategic Alignment: The deal, while simplifying Generali’s structure in Italy, enables it to focus on its core property and casualty (P&C) diversification agenda. TUA Assicurazioni, originally a segment of Cattolica Assicurazioni, zeroes in on the P&C market within Italy. Its prominent operations in the motor business accounted for approximately 60% of the GWPs in 2022, effectively leveraging a distribution channel spearheaded by non-tied agents and brokers.
• Financial Details: Allianz’s cash deal of €280 million remains contingent on standard market adjustments for such acquisitions. Generali forecasts a rise of about 1 percentage point in the Group Solvency II stance, while expecting a minimal impact on EPS. Financial advisory roles were helmed by Mediobanca – Banca di Credito Finanziario S.p.A and Rothschild & Co, with Gianni & Origoni overseeing the legal aspects.
• Portfolio Insights: Tua Assicurazioni’s performance in 2022 revealed a robust P/C insurance portfolio, registering gross written premiums nearing €280 million. This was predominantly orchestrated through a vast distribution network comprising nearly 500 agents.
• Market Impact: With the transaction projected to close by Q1 2024, subject to requisite regulatory approvals, Allianz S.p.A.’s market presence in the Italian P/C sector is set to witness an upswing of around 1 percentage point. This propels Allianz into a consolidated #3 position within the Italian P/C marketplace.
• Allianz’s Vision: Known for its unwavering customer-centric approach and distribution prowess, Allianz has pledged a seamless transition for stakeholders, encapsulating clients, employees, and agents, leveraging economies of scale.

Leadership Commentary

Giacomo Campora, CEO of Allianz S.p.A., extolled the acquisition as a harmonious fit within their strategic framework, emphasizing their retail and SME-centric approach in the P/C sector. “Our track record since 2014 of adeptly assimilating large professional agent groups underlines our product depth, efficient technical platform, and forward-looking vision. We are optimistic about the myriad benefits awaiting the new agents and their clientele post integration with Allianz,” Campora noted.

Allianz’s foray into acquiring Tua Assicurazioni stands testament to its ambition to amplify its distribution capacity, integrate the expertise of nearly 500 agents from Tua Assicurazioni S.p.A., and fortify its foothold in Italy’s thriving property and casualty segment.