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QBE Insurance denies Allianz takeover talks

IBR Staff Writer Published 01 February 2017

QBE Insurance has denied that it is in talks with Allianz or any other parties over a potential takeover deal.

QBE Insurance has gone on to downplay the news as mere speculation from the media while specifically stating that it was not in talks with the German insurance giant.

It has released a statement in this regard to the Australian Securities Exchange (ASE) which read: “QBE Insurance Group notes recent media speculation regarding possible corporate interest in QBE.

“While it is QBE’s policy not to comment on rumour or media speculation, QBE confirms that it is not in discussions with Allianz or any other potential buyer.

“QBE is aware of its continuous disclosure obligations.”

Reuters, citing sources, reported that Allianz had made an informal takeover offer to the Australian insurer with the acquisition price not revealed.

Citing another source, the publication reported that although Allianz has been talking with QBE Insurance, the latter is only one of the selected targets for potential acquisition.

Allianz has been looking to plug a gap in its global footprint through acquisitions. In November last year, Allianz CEO Oliver Baete revealed that the company was ready to pay a large premium to achieve the same.

German publication Handelsblatt reported that the possible takeover transaction by Allianz of QBE Insurance could amount to A$20bn (€14bn). It also wrote, citing its sources that the talks between the two companies have only been informal so far and there is a still a long way for anything concrete to materialize.

Headquartered in Sydney, QBE is one of the major general insurance and reinsurance companies in the world. Listed on the ASE, QBE Insurance has operations in 37 countries in Pacific, North America and Europe.

Image: Allianz headquarters in Munich, Germany. Photo: courtesy of Allianz.