Allianz and Aviva seal deal over major acquisition

Allianz SpA (Allianz), the Italian holding company of the Allianz Group, has strengthened its position in the Italian life insurance (P&C) market with its latest acquisition.

This completes the takeover of Aviva Italia SpA, the Italian life insurance company from insurance giant Aviva Group.

A deal with Aviva Italia Holding SpA worth around 330 million euros was announced in March 2021 for over 400 million euros.

In addition to closing the acquisition of Aviva, Allianz Suisse Life has also signed a reinsurance contract with Resolution Re, Resolution Life’s Bermuda reinsurance platform.

Last month, Resolution Life confirmed that Resolution Re had signed a reinsurance contract with Allianz Suisse Lebensversicherungs-Gesellschaft AG (Allianz Suisse).

Resolution Re CEO Steve Hales called the deal “the largest reinsurance deal ever for Bermuda’s animal heritage portfolio in Europe,” and Allianz SE listed 80 traditional private debts of Allianz Suisse. % Of quota transferred to Resolution Life.