Allianz to Buy Automobile, Other Property and Casualty Operations of SulAmerica for EUR667 Million
23 August 2019 - 02:54PM
Dow Jones News
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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