Daily Insurance Industry News
 
 
Daily Insurance Industry News
Tuesday 21st of May 2019
January 22, 2009

No acquisitions for Allianz

by David Masters

Story link: No acquisitions for Allianz

No acquisitions for Allianz

Allianz is not interested in acquisitions and has no need for additional capital, according to board member Clement Booth.

The Germany-based insurer is one of the ‘best capitalised’ in Europe, Booth told news agency Reuters.

“We have no need to raise extra capital,” Booth said.

Booth – who is responsible for Allianz operations in the UK and the US – also confirmed that the company has no plans to inject further capital into Hartford Financial Services Group following a $2.5 billion investment in the US insurer last October.

Allianz plans for this year are to ‘stick to basics’, offering good service and security in its core business, rather than making acquisitions.

“The priority right now with Allianz is to stay in good shape with very comfortable solvency and stronger ratings and solvency than our competitors,” Booth said.

“To obtain our 2011 objectives (of becoming a leading insurer in the world), we don’t need to buy. Allianz is not buying; we are growing organically.”

 

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