By Adria Calatayud

Assicurazioni Generali has agreed to sell its Tua Assicurazioni subsidiary to Allianz for 280 million euros ($294.9 million) in cash, the companies said late Thursday.

German insurer Allianz said the acquisition will increase its share of the Italian property-and-casualty insurance market by one percentage point, consolidating it as the third largest player. Tua has a profitable property-and-casualty insurance portfolio with overall gross written premiums of about EUR280 million last year, Allianz said.

Italy's Generali said separately that the sale is in line with its strategy, will add one percentage point to its Solvency II position--a measure of financial strength--and is expected to have a negligible impact on its earnings per share.

The deal is due to be completed by the first quarter of 2024, subject to regulatory approvals, Generali said.

Write to Adria Calatayud at adria.calatayud@dowjones.com

(END) Dow Jones Newswires

October 13, 2023 02:39 ET (06:39 GMT)

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