Allianz's board level boss Detlev Bremkamp says the company's acquisition warchest is big enough to buy the UK biggest insurer CGNU.
Allianz has a stated policy of being within the top five companies in each of its core markets. With Cornhill, it has that position in UK general insurance but Bremkamp confirmed that Allianz wanted to make further buys in the UK. "We have become number five but mainly because the others have merged. The bigger ones have become bigger," he said. Buying an insurer with a big life business was a priority.
Asked whether Allianz would buy CGNU or UK number two insurer Royal & Sunalliance, Bremkamp said: "I would not exclude either. We cannot be satisfied with our position in the UK. A big bang approach would be nice but if we have opportunities in niches, we will look at them and go ahead – but niches will not be a solution on the life side."
Bremkamp said the company had no purchases in the pipeline and would not be rushed into anything but could react quickly if an opportunity arose. "We know all the companies and we know them very well. We know the key players too," Bremkamp said.