Australia’s largest global insurer continues to be a potential acquisition target for bankers and offshore acquirers, it has been reported.
According to Street Talk
, QBE Insurance has caught the interest of bankers and offshore acquirers despite the insurer’s sprawling global operations and what some analysts view as a lagging return-on-equity.
Said the report, the $16.6 billion insurer have been approached by a number of investment banks about defence mandates. Street Talk
said it was not suggesting, however, that an offer is imminent for the Australian insurer.
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Among those insurance giants seeking out new acquisitions and distribution arrangements elsewhere, is Allianz.
Last year, the German insurer allocated €3 billion for purchases.
This year, Allianz together with rival Intesa and France’s AXA are reportedly in for a joint bid to acquire Italy’s largest insurer Generali.
In addition, this month, the German insurer has agreed to pay US$200 million for rights to distribute its general insurance products through Standard Chartered in Asia.
QBE cracks down on international fraud