The Allianz SE logo sits on a top of abuilding in Berlin, Germany, on Wednesday, Jan. 4, 2017. (Photo:Krisztian Bocsi/Bloomberg)

Allianz SE agreed to pay 667 million euros($738 million) for the general-insurance assets of SulAmerica, adeal that will make the German firm Brazil's second-largestprovider of motor insurance.

Europe's largest insurer will combine the new assets with itsexisting Brazilian subsidiary to create a business with 1.5 billioneuros of gross written premiums, according to a companystatement on Friday. The property and casualtyinsurance market in Brazil is growing at 6% a year and it is by farthe biggest in Latin America.

An Allianz spokesman said the insurer would not rule out furtheracquisitions in Brazil. The country's life insurance market isbigger than property and casualty.

The SulAmerica deal, which Allianz expects to complete within 12months, is the Munich-based company's third significant deal thisyear. Allianz in May agreed to buy two insurancebusinesses in the U.K. in deals valued at a combined $1 billion,transforming the firm into the second-biggest general insurer inthe country. In June, Banco Santander SA agreed topay Allianz 937 million eurosto buy it out of an insurancejoint venture in Spain. The deal will knock Allianz out of the top10 life insurers in Spain, an unusual position for the Germancompany.

Related: 

• Latin American premium volume dropped in2018
• Banco Santander pays Allianz $1.1 billion todissolve Spanish venture
• Allianz boosts VC fund to $1.1 billion fortech, insurance deals

Copyright 2019 Bloomberg. All rightsreserved. This material may not be published, broadcast, rewritten,or redistributed.