FRANKFURT: German insurer Allianz's Australian unit was chosen as the preferred buyer for the state-controlled property and casualty company Territory Insurance Office, Allianz said in a statement on Monday.
Territory Insurance is the market leader in Australia's Northern Territory with 2013 gross premiums of around A$130 million ($113 million). Allianz Australia attracted A$3.9 billion in premiums in the same period, the company said.