Allianz, Volkswagen announce auto insurance partnership
Sept. 28, 2012—Volkswagen Financial Services AG and Allianz SE recently announced plans to cooperate in a joint venture that will offer car insurance to all owners of Volkswagen vehicles.
The two organizations will establish a new company called Volkswagen Autoversicherung AG. Volkswagen Financial Services AG will hold 51 percent of the company’s shares, and Allianz Group will hold 49 percent of its shares.
”With this planned joint venture, we are continuing the development of Global Automotive as a strategic partner of the automotive industry. We are happy to have the leading global multi-brand car manufacturer Volkswagen by our side,” said Karsten Crede, CEO of Allianz Global Automotive.
The company, which will be based in Braunschweig, Germany, is expected to launch Jan. 1 after finalizing contracts and obtaining approval from supervisory bodies. Allianz said Volkswagen customers will be able to purchase individualized car insurance through Volkswagen Autoversicherung AG beginning April 1.
”Volkswagen Group and Allianz have been working together as trusted partners for more than 60 years. We want to continue and expand this successful cooperation of two partners as equals,” said Frank Witter, CEO of Volkswagen Financial Services AG.
”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,” Crede said. “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."