Allianz completed the acquisition of auto and property insurance business from SulAmerica for $734m.

Allianz, a global insurance firm, completed the acquisition of the automobile and a property-casualty business unit of SulAmerica, a Brazilian insurance brokerage firm for $734m. “Today, a new Allianz is being born that combines the best of both worlds. In a challenging moment, professionals from both sides have shown exemplary quality, professionalism and performance in this operation. This allowed completing the transaction ahead of the deadline, consolidating the brand as a reference in Brazil. We thank SulAmérica for their efforts throughout the process. And welcome the new employees, brokers, and clients to Allianz Group and thank in particular all involved employees from all sides for making this acquisition a success,” Eduard Folch, Allianz Brazil CEO.