Daimler Financial Services and Allianz have entered into an agreement under which Allianz becomes Daimler’s strategic partner for the international automotive insurance business.

In addition to existing collaborations in markets in Eastern Europe and in Australia, Allianz will also manage the automotive insurance business for Daimler vehicles in Italy.

With the new agreement, it becomes Daimler Financial Services’ preferred partner for automotive and warranty insurance. The new agreement does not affect the existing cooperation agreement between Mercedes-Benz Bank and HDI Direkt Versicherungs concerning the automotive insurance business in Germany.

Martin Schindewolf, CEO and chairman of Daimler Insurance Services, said: “Daimler has been working together with Allianz for more than 80 years now. This agreement will allow us to further strengthen our partnership in the international automotive insurance business.”

Karsten Crede, board member of Allianz Global Corporate & Specialty, said: “We have concentrated our worldwide expertise in the Global Automotive business unit so that we can form real development partnerships with customers like Daimler Insurance Services.

“We will support Daimler’s commitment to premium quality and technological leadership by developing suitable insurance products in order to expand the brand experience of Daimler vehicles with an additional insurance-related element.”