Allianz, VW Financial Services Plan Launch Of Motor Insurance JV
September 26 2012 - 6:24AM
Dow Jones News
FRANKFURT--Allianz SE (ALV.XE) and Volkswagen Financial Services
AG, the financing arm of carmaker Volkswagen AG (VOW.XE), Wednesday
said they plan to bolster insurance policy sales through the launch
of a new motor insurance joint venture on Jan. 1, 2013.
The joint venture, named Volkswagen Autoversicherung AG, will
offer Volkswagen's customers "tailor-made and inexpensive car
insurance," the companies said. Allianz will hold 49% in the joint
venture and the Volkswagen unit will hold 51%.
The Volkswagen financing arm has been selling property/casualty
insurance policies with a guaranteed payout since January 2011.
Write to Ulrike Dauer at ulrike.dauer@wsj.com