Allianz, the German insurance giant, announced on Thursday that it has agreed to acquire Eurofil, a French direct insurer, in a strategic move to bolster its digital property and casualty insurance business across Europe. The acquisition, set to be completed by the end of 2025, includes Eurofil’s insurance portfolio, customer base, and over 300 employees, according to a statement released by Allianz.
This deal, valued at an undisclosed amount, positions Allianz Direct as the third-largest direct insurer in France. Philipp Kroetz, CEO of Allianz Direct, described the acquisition as a “significant milestone” in the company’s efforts to expand its digital insurance offerings in Europe.
The acquisition is part of Allianz’s broader strategy to grow its presence in the European insurance market through strategic acquisitions and digital expansion. By integrating Eurofil’s operations, Allianz aims to enhance its competitive position in the direct insurance segment.
Allianz’s move into the French market through Eurofil comes amid increasing competition in the European insurance landscape, where digitalization is driving significant changes in consumer behavior and insurance distribution channels.
