By Joshua Stein

Allianz SE said Thursday that it has agreed to buy Aviva PLC's Italian property-and-casualty branch, Aviva Italia SpA, for 330 million euros ($398.1 million).

The deal will allow Allianz to consolidate its position as the third-biggest player in the Italian property-and-casualty market, the German insurer said. In acquiring the business, Allianz will get almost 500 agents.

Allianz expects to complete the deal in the second half of 2021.

Aviva Italia has gross written premiums of around EUR400 million, with a portfolio equally distributed between motor and non-motor business segments, Allianz said.

Write to Joshua Stein at joshua.stein@wsj.com

(END) Dow Jones Newswires

March 04, 2021 02:59 ET (07:59 GMT)

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