Reinsurance News

Allianz planning huge UK insurance acquisition, Aviva and RSA both targets

18th June 2018 - Author: Staff Writer

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.

Tremor - The modern way to place reinsurance

Other potential targets reportedly being eyed up include Zurich and Australia’s QBE Insurance Group.

Print Friendly, PDF & Email

Recent Reinsurance News