By Pietro Lombardi 
 

Allianz SE (ALV.XE) agreed to buy the automobile, other property and casualty operations of SulAmerica for 667 million euros ($739.3 million).

The transaction, subject to regulatory approvals, should be completed in the next 12 months, the German insurance giant said Friday.

"With the acquisition of SulAmerica's property-casualty operations, we have taken another major step in the strategic repositioning of our Latin American insurance businesses," Chief Executive Oliver Baete said.

The deal will make Allianz a top-three property and casualty insurer in Brazil, it said.

 

Write to Pietro Lombardi at pietro.lombardi@dowjones.com

 

(END) Dow Jones Newswires

August 23, 2019 08:39 ET (12:39 GMT)

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