Allianz to Buy Italy’s UnipolSai’s P&C Business

Germany’s Allianz SE is to buy part of Italian insurer UnipolSai’s property/casualty insurance business in a deal worth up to 440 million euros ($612 million).

Allianz said in a statement late Saturday that the business had premiums last year of 1.1 billion euros and has 500 employees serving 1.5 million customers in Italy.

Allianz board member Oliver Baete said the deal “enables us to grow our market share in a very mature but highly profitable market.”

The deal requires regulatory approval.