May 31, 2018 / 2:51 PM / 2 months ago

Zurich Insurance wants to do only targeted M&A: CEO

ZURICH (Reuters) - Zurich Insurance Group (ZURN.S) wants to do only targeted mergers and acquisitions and sees no need for sweeping consolidation in Europe, Chief Executive Mario Greco said.

FILE PHOTO: The logo of Zurich Insurance Group is seen at the company's headquarters in Zurich, Switzerland September 2, 2013. REUTERS/Arnd Wiegmann//File Photo

His remarks to Bloomberg TV come amid persistent speculation that Zurich and German peer Allianz (ALVG.DE) could be interested in a tie-up.

“Mergers and M&A activity is not really a priority for us. We are doing some targeted, focused M&A transactions and we will continue doing that but all we do is in-country transactions where we can strengthen our strengths in each given country as we did in Australia, as we did in Argentina, as we did in the U.S. a year ago. We will stick to that and we will maintain our discipline and our focus on that,” he said.

Asked whether the European insurance sector needed consolidation, he said: “I don’t think so because we are in the middle of a fundamental industry transformation where consolidation doesn’t solve the issues, doesn’t make it easier for any of us to confront the issues of the transformation.”

Reporting by Michael Shields; Editing by Alexandra Hudson

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