Allianz to Buy DAS Switzerland From Munich Re's Ergo
January 10 2018 - 5:43AM
Dow Jones News
By Pietro Lombardi
Allianz SE (ALV.XE) said on Wednesday that it has agreed to buy
legal protection insurance company DAS Switzerland from Munich Re's
Ergo Group.
Financial details of the deal, which also includes assets of DAS
Luxembourg and DAS Slovakia, were not disclosed.
The acquired assets are part of the international Das portfolio
of Ergo Group, which is part of German reinsurer Munich Re
(MUV2.XE).
DAS Switzerland, Luxembourg and Slovakia had premium income of
about 38 million euros ($45.4 million) in 2016, Allianz 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," says Severin Moser, CEO of Allianz Suisse.
The sale, subject to regulatory approval, is expected to be
completed by early April.
"Details about structures relating to employees, brand identity
and sales will be communicated in the coming weeks pending
discussions with DAS Switzerland," Allianz said.
Write to Pietro Lombardi at pietro.lombardi@dowjones.com
(END) Dow Jones Newswires
January 10, 2018 06:28 ET (11:28 GMT)
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