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The Allianz SE logo sits on a top of a building in Berlin, Germany, on Wednesday, Jan. 4, 2017. Germany had another year of firm growth in 2016 and should continue to be propelled in 2017 by consumer spending. (Photo: Krisztian Bocsi/Bloomberg) The Allianz SE logo sits on a top of a building 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, a deal that will make the German firm Brazil’s second-largest provider of motor insurance.

Europe’s largest insurer will combine the new assets with its existing Brazilian subsidiary to create a business with 1.5 billion euros of gross written premiums, according to a company statement on Friday. The property and casualty insurance market in Brazil is growing at 6% a year and it is by far the biggest in Latin America.

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