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.
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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.
