Allianz Portugal agrees to buy insurer Caravela

Allianz Portugal said on Thursday it had agreed to acquire 100% of Caravela from Toscafund and other investors, a deal that would strengthen the German insurer’s position in Portugal and take its annual written premiums above €1 billion. The transaction is subject to regulatory approval from ASF, Portugal’s insurance and pension funds supervisor, and the Portuguese competition authority.

Once completed, Allianz Portugal estimates the acquisition will add 2.3 percentage points to its market share, taking it to 6.4% based on 2025 figures. In non-life insurance, its share would rise to 10.8%, keeping it in fourth place, while in workers’ compensation it would move to third with 15.1%. In motor insurance, Allianz would also rise to third place with a 12.3% share, overtaking Ageas and Zurich in that segment.

The market values the transaction at about €150 million, according to Bloomberg, after a sale process in which Italy’s Reale had also been in the running. The deal will also allow other Caravela shareholders, including businessman Mário Ferreira, company chairman Luis Cervantes and the Quintas and Violas families, to sell their stakes at the same time.

Allianz Portugal CEO Teresa Brantuas called the acquisition “an important milestone” and “a strong sign of our confidence in the Portuguese market.” She said the company’s priority after receiving approvals would be to ensure a smooth integration and maintain customer trust. According to sources close to the deal, the transaction is expected to be completed before the end of this year.

Originally published at Eco.pt