US UnipolSai SpA

By Jan Hromadko

FRANKFURT--German insurer Allianz SE (ALV.XE) said over the weekend it has agreed to acquire the property and casualty business of Italian rival UnipolSai SpA (US.MI) in a transaction worth up to 440 million euros ($612 million).

Allianz said the deal will boost its market share in "a very mature but highly profitable market".

Under the transaction, Allianz will purchase a business with EUR1.1 billion in premiums. It includes 729 agencies, 500 employees and some 1.5 million customers in Italy, the company said.

The acquisition is subject to anti-trust approval, Allianz said.

Write to Jan Hromadko at jan.hromadko@wsj.com

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