Allianz Group has signed an agreement to acquire the legal protection insurance subsidiary DAS Switzerland and assets of DAS Luxembourg and Slovakia from Germany-based ERGO Group.
Financial details of the transaction, which is subject to regulatory approval, have not been revealed.
The acquisition will strengthen Allianz Suisse's competitive position in Switzerland.
The combined premium income from the three ERGO subsidiaries was EUR38m in 2016.
The purchase will give Allianz Suisse and its subsidiary CAP a leading role in the market.
CAP has annual premium volume of about 70 million Swiss francs, while DAS Switzerland has a premium volume of about 34 million Swiss francs.
Allianz Suisse stated that the details about the structures relating to employees, brand identity and sales will be revealed in the coming weeks after discussing with DAS Switzerland.
Allianz Suisse CEO Severin Moser said: “Our aim with this merger is to utilize growth opportunities in the non-life business and further strengthen our competitive position.
“This will enable us to create the best conditions for our customers and place us in an excellent position in this growth market.”
Apart from this transaction, Allianz Group will also acquire ERGO legal protection insurance branch in Slovakia and the legal protection insurance portfolio of DAS Luxembourg will become part of Allianz’s Benelux in Luxembourg.
Image: Allianz Group to acquire ERGO’s subsidiary DAS Switzerland. Photo: Courtesy of PinkBlue/FreeDigitalPhotos.net.