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Allianz integrates Italian operations


MILAN, Italy— The boards of directors of Riunione Adriatica di Sicurta S.p.A., Lloyd Adriatico S.p.A. and Allianz Subalpina S.p.A., German insurance group Allianz S.E.'s three Italian operations, have announced plans to integrate the companies to form Italy's second-biggest insurance group.

The new company — Allianz S.p.A. — will, however, operate with three different brands — Allianz RAS, Allianz Lloyd Adriatico and Allianz Subalpina — and maintain three separate distribution networks.

Allianz reckons that the merged entity will boast a total Italian property/casualty and life insurance market share of 13% and more than six and a half million customers. Italy is Allianz's second largest market based on premium volume after Germany.

The group said that the integration will enable it to provide more effective customer service and offer new organic growth opportunities.

It also said that the integration process is also a "timely and tangible" answer to the announced deregulation of insurance distribution in Italy.

The completion of the integration process is expected by the end of the third quarter of 2007, depending on both shareholders' meetings approval and clearance by regulatory authorities.

The company will be chaired by Enrico Cucchiani, a member of the Allianz S.E. management board; Giuseppe Vita and Giovanni Gabrielli will be vice chairmen; Paolo Vagnone will be chief executive officer; Paolo Vagnone, currently CEO of RAS and Chairman of Allianz Subalpina, will be appointed CEO of Lloyd Adriatico at the next board meeting, said the company.