Munich Re has said it’s interested in buying insurance companies with specialisations if prices drop, according to an interview with the firm’s Chief Financial Officer (CFO) Joerg Schneider on Handelsblatt daily.
The reinsurer’s CFO told Handelsblatt the company is; “open to large acquisitions but the prices simply haven’t been right in recent years.”
Schneider said acquisitions are currently still priced too high, considering the growing insecurity in the world, and added that it didn’t look like prices would be dropping anytime soon.
“If we were to make an acquisition, however, then it wouldn’t be in traditional reinsurance,” Schneider said Munich Re’s “ideal acquisition partners” would offer specialisations that expand the company’s current expertise.
According to the Handelsblatt, the fact that Munich Re is seeking new opportunities in primary insurance, demonstrates the turmoil the industry is in.