Allianz Submits Offer to Acquire Portuguese Insurer Caravela Seguros

Allianz has submitted an offer to acquire Caravela Seguros and is now in advanced talks to purchase the Portuguese insurer, according to sources familiar with the matter.

Seguros operates as a domestic insurer in Portugal.

Allianz already maintains operations across several European countries. The transaction would require approval from Portuguese and European regulators before completion. No financial terms of the offer have been disclosed.