Allianz Is Set to Buy Generali’s Italian Non-Life Unit Tua (1)

Allianz SE is nearing a deal to acquire Assicurazioni Generali SpA’s non-life unit Tua Assicurazioni, people with knowledge of the matter said.

Allianz is set to beat out rival bidders in a formal sale process that started in May, said the people, asking not to be identified because the discussions are private. An announcement could be in the coming days, according to the people.

Representatives for Allianz and Generali declined to comment.

Tua is a unit Generali inherited from its purchase of Societa Cattolica di Assicurazioni SpA. The sale is part of Generali’s drive to streamline legacy assets ...