Allianz Suisse to acquire DAS Switzerland

Allianz Group has agreed to acquire the legal protection insurance subsidiary DAS Switzerland and assets of DAS Luxembourg and Slovakia from German insurance group ERGO Group AG.

The acquisition will strengthen the competitive position of Allianz Suisse, making it one of the top three firms offering legal protection coverage in Switzerland, according to Allianz Group, according a report in The Financial.

In 2016, the combined premium income from the three ERGO subsidiaries totalled EUR38 million. The transaction remains subject to regulatory approval. The parties have agreed not to disclose financial details of the transaction. With a premium volume of around CHF550 million and a growth rate of 5.3 percent in 2016 alone, the market for legal protection insurance in Switzerland is very attractive.

The acquisition of DAS Switzerland will give Allianz Suisse and its subsidiary CAP a leading role in the market, underlining their growth ambitions. The transaction is scheduled to be completed at the start of April, pending regulatory approval.