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 email@example.com
(END) Dow Jones Newswires
January 10, 2018 06:28 ET (11:28 GMT)