Allianz acquires Westpac’s general insurance arm
Posted On: Dec. 2, 2020 9:21 AM CST
Germany-based insurer Allianz SE has acquired Australia-based Westpac Banking Corp.’s general insurance business for $725 million Australian ($535 million), Reuters reported. The transaction, which is expected to close in the second half of 2021, includes a 20-year deal under which Allianz will distribute general insurance policies to Westpac customers.