Allianz scouring Europe and U.S. insurance market for potential takeovers

Potential European targets include Swiss insurance giant Zurich.

German news daily, Sueddeutsche Zeitung has reported that insurance giant, Allianz is scouring the U.S. market for potential takeovers of big companies.

“Only a big takeover would help us. Buying smaller companies does not make sense for us,” said Baete to the Munich daily – Sueddeutsche Zeitung.

“We would have to look at who would be a good match for us, who has a clean balance sheet, and is affordable,” said Baete. He went on to say that U.S. companies were extremely expensive.

He clarified that Allianz is not just looking at the United States, but is also looking at Europe, where the focus is on property insurance, credit insurance and investment management.

When asked to respond to reports whether Allianz is interested in acquiring Zurich, its Swiss rival which is very active in the U.S., Baete in a discreet and reticent manner did not further elaborate on the news report.

According to anonymous sources who are close to Allianz, the relationship between Mario Greco, Zurich’s CEO and Baete was not exactly placid.

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