Allianz is attempting to purchase Germany’s second public insurer

Allianz, the number one European insurance company, is trying to take over the second German public insurer, Provinzial NordWest. An offer of 2.25 billion EUR (2.97 billion USD) was made. Provinzial NordWest is held at 40% by a pool of districts and by the Westphalie-Lippe’s saving funds. A pool of other saving funds detains also 20% of the stakes.
Provinzial NordWest, based in north western Germany, counts more than three million insured and makes over 3 billion EUR (3.8 billion USD) of premiums in 2011. It is the second takeover attempt of the Munich insurer.