Allianz has announced it has completed the deal which signifies its largest investment in Brazil.
In August last year the German insurance group announced the acquisition of the automobile and other Property & Casualty business from SulAmérica (SulAmérica Auto e Massificados), at a cost of BRL3.2 billion (Euro 0.5 billion). Allianz said the transaction not only enhanced the service offering for customers but also grew its geographical footprint in Brazil.
“This represents our largest investment in Brazil,” said Iván de la Sota, Member of the Board of Management of Allianz SE and Chief Business Transformation Officer responsible for Insurance Ibero-LatAm Region. “With SulAmérica, we attain a leading position in the growing Property-Casualty market in the largest economy of South America. It is also a great opportunity to deploy digital technologies and deliver first-class solutions for local brokers and customers.”
“Today, a new Allianz is being born that combines the best of both worlds. In a challenging moment, professionals from both sides have shown exemplary quality, professionalism and performance in this operation. This allowed to complete the transaction ahead of the deadline, consolidating the brand as a reference in Brazil. We thank SulAmérica for their efforts throughout the process”, said Eduard Folch, CEO of Allianz Brazil, “and welcome the new employees, brokers, and clients to Allianz Group and thank in particular all involved employees from all sides for making this acquisition a success.”