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Allianz acquires general insurance business of RAA and forms partnership for consumer insurance in South Australia
Contract Type
partnership
ChinaDescription
Allianz has acquired the general insurance business of RAA, expanding its consumer insurance presence in South Australia. The partnership with RAA, worth AUD$6422 million, also includes a 20-year exclusive distribution agreement for the Home and Motor insurance product lines of RAA. Allianz will underwrite all General Insurance products (excluding travel), and manage claims, under the RAA brand. Additionally, roughly 270 RAA employees will transition to Allianz’s Adelaide team.