Global Allianz CEO, Oliver Bäte, is keen to make a large UK acquisition according to market rumours.

The Allianz CEO, Oliver Bäte, is targeting a big UK acquisition market reports have suggested.

The Times reported that Aviva and RSA were named as potential targets and stated that Bäte has been working with investment bankers for several months to develop a “hit list”.

Zurich and QBE were also said to be in the frame.

XL Catlin
Allianz was linked with XL Catlin in February last year. However it was eventually sold to Axa and the deal – which valued XL Catlin at £11.1bn – was announced in March 2018.

In the UK Allianz bought LV’s general insurance business for £713m – a move which was announced in August last year.

On 29 December last year the insurers confirmed that the £500m initial deal for 49% of LV’s GI offering had proceeded.

The takeover is structured with Allianz to pay £213m in a second transaction in 2019 for a further 20.9% stake.

The agreement sees around £350m of Allianz’s current personal lines premium go to the LV branded business and LV’s commercial lines business, which has around £250m of premium, go to Allianz as part of the deal.

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