Allianz looking for big acquisition, Aviva and RSA potential targets - report
17 JUN 2018
Allianz [ETR:ALV], a German insurer, is looking for a large acquisition and is mulling a potential bid for FTSE-100 competitors Aviva [LON:AV] or RSA Insurance Group [LON:RSA], according to a Sunday Times report. The largely unsourced report mentioned speculation that Allianz CEO Oliver Bate has in recent months been discussing a list of potential acquisition targets with investment banks.
The article went on to say that Allianz is also considering bids for Switzerland-based rival Zurich Insurance Group [VTX:ZURN] and the Australian insurer QBE [ASX:QBE].
Bate wants to use part of Allianz’ cash and is thought to regret failing to acquire the Bermudan reinsurance firm XL Group, which Axa acquired in March for USD 15.3bn (GBP 11.5bn), the item said.
The report quoted the CEO of one international insurance company, who said Bate is hungry to make an acquisition, but added that he does not think he would launch a hostile bid.
Allianz, RSA and Aviva all refused to comment, the item said.
Allianz’ market capitalisation stood at EUR 77.71bn (GBP 67.98bn) at the close of trading in Frankfurt on Friday, 15 June.