A report from The Sunday Times suggests Chief Executive Officer (CEO) of Allianz, Oliver Bäte, has been working with investment bankers for several months as he weighs up options on a list of potential deals.
Allianz are said to be interested in pursuing a large UK insurance acquisition, with Aviva and RSA possible candidates.
The paper indicates that Bäte, who has held the position of CEO since 2015, is keen to leverage a growing cash pile and pursue new investments.
The news follows Allianz’ recent 8% purchase of African Reinsurance Corporation (Africa Re) for a total cash consideration of $81 million.
Allianz’ failure in acquiring Bermudian XL Group, sold to French insurance and investment giant AXA in March for $15.3 billion, is said to have frustrated Bäte.
Other potential targets reportedly being eyed up include Zurich and Australia’s QBE Insurance Group.