Aviva PLC (LON:AV.) and RSA Insurance PLC (LON:RSA) topped the FTSE 100 leaderboard on Monday morning after the Sunday Times reported that German giant Allianz is on the prowl for a large UK insurance acquisition.
The newspaper said that Allianz chief executive Oliver Bäte is said to have been working with investment bankers for several months on a hit list of possible deals.
READ: Aviva slips after in-line 2017 profits; to spend £500mln on buy-backs, £600mln on 'bolt-on' acquisitions
Alongside the two FTSE 100-listed names, the Sunday Times also reported that Switzerland’s Zurich and Australia’s QBE are also businesses that Bäte is said to be interested in.
It said the former McKinsey consultant is keen to spend some of his growing cash pile and is said to have been frustrated at missing out on Bermudan reinsurer XL Group, sold to France’s Axa in March for US$15.3bn (£12bn).
Allianz, which operates in 70 countries, has around 85mln customers.
In early morning trading, Aviva shares were up 2.6% at 515.4p, while RSA added 1.8% at 664p.
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