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Allianz to buy property/casualty assets of Italian insurer UnipolSai

March 18, 2014 - 6:13am

Allianz S.E. is set to acquire part of Italian insurer UnipolSai Assicurazioni S.p.A.'s property/casualty insurance business for €440 million ($612.1 million), reports The Associated Press.

Allianz said the business had premiums of €1.1 billion ($1.51 billion) in 2013.

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

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