Allianz to buy Brazilian insurer's portfolio for $734 million

Germany-based Allianz S.E. is buying Brazilian insurer Sul America S.A.'s auto and property insurance portfolio for 3 billion Brazilian real ($734 million) as part of its plans to expand its operations in the country, Reuters reported. Under the deal, Sul America will merge its auto and property operations into a new company after which Allianz will acquire the new entity.

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