Italian insurer Unipol Gruppo Finanziario S.p.A. has agreed to exclusive talks with Allianz S.E. to divest assets carrying premiums worth around €1.2 billion ($1.63 billion) and a deal is expected by March 15 2014, Reuters reported.
Allianz is already among the top insurers in Italy and a deal will help further boost its Italian presence.
Unipol has not released any figures related to how much it would raise from the sale.
It recently rejected an offer from Ageas S.A./N.V. to purchase assets, Reuters reports.