Mario Greco, Chief Executive Officer (CEO) of Zurich Insurance Group, has denied rumours that the company would consider a takeover bid from another large re/insurer or tech firm, according to Finews.
Speaking at a recent conference event hosted by Handelsblatt in Munich, Greco reportedly said that a cross-border, transforming transaction would never be an option that Zurich would be interested in.
He said that he did not recognise the value in the recent trend of large mergers and acquisitions (M&A) deals and maintained that Zurich was already one of the most global re/insurance firms in the world.
Rumours involving Zurich as the target of a possible takeover bid have circulated following a series of large consolidation deals this year, including AXA’s $15 billion acquisition of XL Group.
Analysts have suggested that acquiring Zurich could make strategic sense for some of the larger European re/insurers, such as Allianz or Generali.
Tech giants such as Google or Amazon, which have begun to make moves into the insurance space, have also been mentioned as potential partners for the company.
However, according to Finews, Greco gives no credence to these comments either. For example, he maintained that while tech firms may be interested in Zurich’s customers, they would not be interested in its business.