Westpac’s general insurance operations could soon become part of the Allianz family.
The Germany-headquartered insurer, which is present in Australia, is said to be in advanced talks to snap up the Sydney-based business. The likely price tag stands above $500 million, according to the Street Talk section of the Australian Financial Review.
It is not clear whether the ongoing discussions are exclusive in nature, but sources of the publication indicated that the two camps have been at it for a while. Additionally, the report cited Allianz as being in the process of running due diligence.
Citing data from IBISWorld, AFR said Allianz ranks third in terms of general insurance market share (7.8%) in Australia – next to top players IAG and Suncorp, whose cut of the pie are at 21.7% and 12.4%, respectively.