LONDON, May 9 (Reuters) - Zurich Insurance’s chief financial officer said on Wednesday he didn’t believe in large-scale merger activity, amid speculation the Swiss group could be a takeover target for German rival Allianz.
“We don’t exist to do M&A,” George Quinn told an analysts’ call, adding that the insurer’s focus was smaller transactions rather than a “large scale, multi-market approach”.
Zurich’s share price has fluctuated in recent weeks on the takeover rumours.
Allianz Chief Executive Oliver Baete said in an interview with the Financial Times this week that he was open to a merger of equals. (Reporting by Carolyn Cohn; Editing by Michael Shields)