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.
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