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Allianz Buys Up Remaining Stake in Allianz Seguros from Itaú Unibanco
Posted on Feb 09, 2010 by Sergio Ulloa (G+)
This January, Allianz cemented its control of Brazilian subsidiary Allianz Seguros after it purchased the remaining 14% of the subsidiary's shares from Itaú Unibanco. Allianz Seguros is one of the top 7 insurers participating in Brazil's property and casualty insurance markets with a market share of 5.6%. The subsidiary reported 1.4 billion reais (about 511 million euros) in Gross Written Premiums between January and September 2009, a 26.5% increase over the same time period of the previous year. The deal to buy the remaining shares in Allianz Seguros was closed on January 14, 2010 and has now been submitted for approval by local regulators. The now total control of the subsidiary comes at a time when Allianz Group sees great growth potential in the future for Brazil, with Allianz Group economists predicting 5% growth in the nation's GDP. The economists firmly believe that both the FIFA World Cup in 2014 and the Olympic Games in 2016, along with all the infrastructure projects necessary to make them happen, will further increase development in the country. Companies Mentioned: Allianz: Founded in 1890 as an accident and transport insurer, Allianz has grown into an international insurer with over 75 million customers in approximately 70 countries. Itaú Unibanco: Established on November 3, 2008 when Itaú and Unibanco agreed to merge their financial operations. Headquartered in São Paolo, Brazil Itaú Unibanco is the Largest financial conglomerate in the southern hemisphere and is the 10th largest bank in the world by market value.