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.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
No comments yet