Allianz looks at buying XL Group - report
Insurer wants to grow its US property & casualty business, according to Bloomberg.
Insurers including Allianz are expressing interest in buying XL Group, reports Bloomberg.
According to the article, interest from insurers is preliminary and may not lead to a deal, but sources told Bloomberg that Allianz was looking to grow its property & casualty business in the US and that XL was a potential target.
XL Group has a reported value of almost $10bn.
Both Allianz and XL Group declined to comment when approached by Insurance Age.
Deals
Allianz has made a number of acquisitions in recent months.
In January its takeover of LV’s general insurance business - a deal valued at £713m once all transactions go through - was approved.
Allianz also purchased a further 11.34% of trade credit specialist Euler Hermes in November 2017 and moved to buy the remaining shares.
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