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The SulAmerica deal is the Munich-based insurer's third significant deal this year.
The move will knock Allianz out of the top 10 life insurers in Spain.
The deals will transform the firm into the second-biggest general insurer in the country.
For now, the insurers' losses are on paper only. It will be months, if not years, before payouts are made.
To fend off rivals, Lloyd's new CEO plans to slash insurance premiums and make its market more efficient.