ALLIANZ could expand on the US market by acquiring XL Group

Bermuda-based insurer XL Group is a potential acquisition target for ALLIANZ, in order to expand its coverage on the US property-casualty insurance market, according to the global financial media.

"Interest from insurers in potentially acquiring XL, which had a market value of almost USD 10 billion (...), is preliminary and may not lead to a takeover", Bloomberg reports.

ALLIANZ chief executive Oliver BAETE said last year that his priority in terms of deal-making would be to purchase a US-based P&C insurer, as reported by Bloomberg.

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