| Allianz and Volkswagen plan car insurance joint venture |
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26/09/2012 06:19 (236 Day 14:02 minutes ago) | |||||
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The FINANCIAL -- Volkswagen Financial Services AG and Allianz SE plan a new strategic partnership to intensify their cooperation in car insurance in form of a joint venture.
After finalizing contracts – and subject to the approvals by supervisory authorities and other bodies – the partners want to launch a company as per January 1, 2013. Volkswagen Financial Services AG will hold 51 percent and Allianz Group will hold 49 percent of its shares. As Allianz reported, the company will have its head office in Braunschweig, Germany. According to plan, it will be named "Volkswagen Autoversicherung AG", and beginning April 1, 2013, Volkswagen clients will begin to profit from an individualized and affordable offer of car insurance.
”With this new business model, we have reached a milestone in the cooperation between the automotive industry and Allianz. We want to achieve more growth and profitability in this business area.By developing each other's competencies, we will gain efficiency and can offer our shared clients added value in quality and service," says Karsten Crede. ”In the future, car buyers at dealerships will be able to take advantage of modular products at attractive prices with competent and ongoing service and advice about all car insurance topics."
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