Reports suggest that Allianz is considering the purchase of XL Group

Allianz is reportedly showing interest in purchasing XL Group.

Allianz is potentially looking to buy up XL in a bid to grow its US property & casualty (P&C) business, Bloomberg reports.

The Bermuda-based insurer is now estimated to be worth slightly under $10bn (£7.2bn). In December 2015, the group paid £2.79bn for Catlin, as part of an agreed merger.

Imperial Capital analyst David Havens told Bloomberg: “At the right price, this potential deal makes sense to me.”

Havens continued: “XL is a mid-sized player in a rapidly consolidating industry. Allianz would bolster its global business platform and could draw more business”

Allianz chief executive Oliver Baete said last year that his priority in terms of deal-making would be to purchase a US-based P&C insurer, as reported by Bloomberg.

When contacted by Insurance Times, Allianz declined to comment.