Brussels, 08/03/2013 (Agence Europe) - On 8 March, the European Commission gave the go-ahead to the creation of a joint venture between German car insurance company Allianz SE and VW Financial Services AG, a 100% subsidiary of Volkswagen AG, providing financial products and car insurance in Germany. The new venture will sell various types of insurance, such as car damage insurance, third party liability insurance, guaranteed asset protection, and warranty insurance for used cars. It will have its own insurance licence and will cover the business risk for all its business. The Commission looked at how the joint venture would impact on the third party car insurance market in Germany, the only market in the European Economic Area where the two parties' business overlaps, and found that the deal, notified on 31 January 2013, would not raise any competition concerns because Allianz's market share would go to the joint venture and the parties would continue to face several strong competitors. (FG/transl.fl)