German re/insurer Allianz is exploring an offer for The Hartford, after the U.S. property and casualty insurer rejected a recent offer from Chubb, according to Bloomberg reports.
Bloomberg, citing people familiar the matter, reports that Allianz is discussing options with potential advisers and views The Hartford as one of the remaining P&C carriers with scale in the U.S.
However, according to the people, the European insurance giant is unwilling to enter into a bidding war with Chubb owing to a lack of synergies between the pair.
After rumours of a potential offer, Chubb confirmed on March 19th that it had made an approximately $23.24 billion acquisition offer for The Hartford.
Just four days later, The Hartford’s Board of Directors unanimously rejected the offer, and market sentiment suggests that Chubb would need to raise its bid in order to be successful.
According to people familiar with the matter, deliberations between Allianz and The Hartford are at an early stage and Allianz could ultimately decide against making an offer.
Although Allianz has mostly avoided major acquisitions under the leadership of Oliver Bäte, last week the insurer acquired Aviva Poland for €2.5 billion, after agreeing to acquire Aviva Italia S.p.A., the Italian P/C entity of Aviva Group, for €330 million in early March.