An insurance and financial services company, Allianz Versicherungs and Kia Motors Europe have agreed on their first Europe-wide co-operation for car insurance.

With this move, Allianz expects to strnegthen its collaboration with the automotive industry internationally.

While Allianz also has cooperative arrangements with car makers and dealers outside of Germany, the current contract with KIA is Allianz’s first agreement with a manufacturer that calls for cooperative efforts to begin throughout Europe right from the outset.

Walter Gutberlet, CEO of Allianz Versicherungs, said: KIA Europe is an importer with great sales potential in the European market. We’re delighted to be able to support the brand’s growth prospects with our insurance products on a European scale. We’re finding that Allianz’s decision to establish the automotive sales channel as a core line of business beyond Germany’s borders was the right one.