June 11, 2014 / 10:30 AM / 4 years ago

EU clears Allianz acquisition of UnipolSai assets

BRUSSELS (Reuters) - The EU Commission said on Wednesday it had cleared the sale of non-life insurance assets by Italy’s UnipolSai to Germany’s Allianz.

In March Unipol agreed to sell assets with premiums worth about 1.1 billion euros ($1.50 billion)to the German insurer, a move it said would allow it to comply with Italian regulators.

Italy’s antitrust authority had ordered Unipol to sell a portfolio of assets with premiums worth about 1.7 billion euros after it agreed to buy troubled rival Fondiaria-SAI in 2012.

The Commission, which examined the deal under the normal merger review procedure, concluded that it would not raise competition concerns citing limited overlaps.

Reporting by Francesco Guarascio, writing by Stephen Jewkes

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