German insurance giant Allianz has closed its BRL 3.2 billion (€500 million) acquisition of the automobile and other property and casualty (P&C) business from Brazilian insurance company SulAmérica Auto e Massificados.

The deal, which was signed in 2019, will help in enlarging the service offering for customers and expands Allianz’ geographical presence in Brazil. (Read – SulAmérica to divest auto and other property-casualty operations to Allianz)

Iván de la Sota – Member of the Board of Management of Allianz and Chief Business Transformation Officer, who is responsible for Insurance Ibero-LatAm Region, said: “This represents our largest investment in Brazil. 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.”

Allianz said that it incorporates business lines and also intellectual capital, distribution channels, and technological systems, along with all other assets and liabilities. The German insurance giant said that combined intelligence in automobile and other property-casualty operations is likely to foster business diversification opportunities via cross-selling with the new customer base.

Eduard Folch – CEO of Allianz Brazil said: “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 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.”

  Allianz, Brazil, Insurance acquisition news, Insurance industry news, SulAmérica