Shareholders of Provinzial Rheinland Versicherung AG and Provinzial NordWest Konzern have preliminarily agreed to merge the two companies and will soon present a memorandum of understanding to the annual general meetings and the boards of the two German insurers.
The transaction will create a property and casualty and life insurance group with total volume of premiums of some €6 billion, according to an official statement from Sept. 4. Upon approval, the merger will be made effective retroactively from Jan. 1, 2019.
The companies previously discussed a potential merger in 2012 and 2013, but no deal came to fruition. Provinzial NordWest was once a rumored merger target of Allianz Group.