Starting news article english 28 September 2012

Clifford Chance advises Volkswagen Financial Services on plans to establish a joint venture with Allianz

Clifford Chance is currently advising Volkswagen Financial Services AG on plans to enter into a car insurance joint venture with Allianz SE.

Volkswagen and Allianz have worked together providing vehicle insurance for more than 60 years. The planned joint venture would update and enhance this cooperation, combining expertise to optimise the entire value chain.

The parties have already agreed on the broad framework for the cooperation, although the relevant agreements have yet to be concluded and the project will be subject to approval by the relevant authorities. The joint venture is due to start trading on 1 April 2013 under the name "Volkswagen Autoversicherung AG".

The Clifford Chance team was led by partner Dr. André Schwanna (Corporate) and included counsel Jörg Futter, senior associates Corinna Baltzer and Dr. Benjamin Büttner, associates Annette Petow and Dr. Alexander Täumer (all Corporate), partner Dr. Marc Benzler (Banking), Berndt Hess (Corporate/Antitrust) – all Frankfurt – and partner Marc Besen (Corporate/Antitrust, Düsseldorf).