Germany-based Allianz SE (ALVG.DE) is collaborating with Volkswagen Financial Services (AG VOWGF.UL) to form a joint venture named Volkswagen Autoversicherung AG.
The joint venture is to sell car insurance to Volkswagen customers that the two companies plan to roll out globally. It will allow customers to complete car purchasing, financing, insurance and guarantees as a single package.
The new company is to start operations on April 1, 2013.
Karsten Crede, chief executive of Allianz’s global automotive business, said the venture intended to deliver ‘a clear jump in growth and profitability.’
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