Allianz to Buy Business From Italy's UnipolSai

BERLIN -- Germany's Allianz SE  (ALV) is to buy part of Italian insurer UnipolSai's property and casualty insurance business in a deal worth up to 440 million euros ($612 million).

Allianz said in a statement late Saturday that the business had premiums last year of 1.1 billion euros and has 500 employees serving 1.5 million customers in Italy.

Allianz board member Oliver Baete said the deal "enables us to grow our market share in a very mature but highly profitable market."

The deal requires regulatory approval.

Copyright 2014 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

If you liked this article you might like

Tesla's Absence From AutoMobility LA Is Telling

Tesla's Absence From AutoMobility LA Is Telling

5 Things You Must Know Before the Market Opens Tuesday

5 Things You Must Know Before the Market Opens Tuesday

Ferrari, Toyota and Autoliv Stocks Are Breaking Out

Ferrari, Toyota and Autoliv Stocks Are Breaking Out

3 Car Stocks Are Breaking Out (They're Not the Ones You Think!)

3 Car Stocks Are Breaking Out (They're Not the Ones You Think!)

Analysts' Actions -- Tableau Data, Autodesk, Mattel, Hasbro, Shake Shack and More

Analysts' Actions -- Tableau Data, Autodesk, Mattel, Hasbro, Shake Shack and More