Munich Re has acquired 100 percent of the shares of Allfinanz, a software company headquartered in Dublin, for $70.1 million in cash. Allfinanz is a provider of Web-based business processing and underwriting automation software to the life insurance industry.

The acquisition follows on from the implementation of a global marketing and cooperation agreement between Allfinanz and Munich Re, which started earlier this year. By combining Munich Re’s expert underwriting rules and reinsurance services with Allfinanz’s software solutions, life insurers throughout the world have access to technology that will enable them to process large volumes of business more efficiently.

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