Strategic review is underway

Munich Re has been linked to a bid for legal expenses insurer First Assist, currently owned by Barclays Capital.

Insurance Times understands that corporate adviser Hawkpoint is working alongside Barclays to help complete a strategic review of First Assist.

If a bid is successful, Munich Re could unite First Assist with its own legal expenses subsidiary, DAS.

First Assist also has a travel insurance operation, which could be incorporated into Europäische, Munich Re’s travel arm, and businesses in payment protection and accident and health, both of which could be absorbed into Munich Re.

The German giant has been on an acquisition spree this year. It bought US speciality primary insurer Midland for $1.3bn (£8.7m) in April.

It has also bought Sterling Life Insurance Company for $352m and paid $52.5m for Roanoke Companies, a marine insurer.

Hawkpoint is known for reviewing insurance businesses before they are sold. The company helped Heath Lambert sell its wholesale division, FSJ.

Munich Re and First Assist would not comment. No one was available for comment from Barclays Capital.