Generali eyeing AXA's Malaysian assets

It could make Generali the second biggest P&C insurer in the country.

Generali is in exclusive talks to buy AXA’s assets in Malaysia in a deal worth around $359m (EUR300m), reports Reuters, which could make the former the second largest P&C operator in the country.

Generali had been looking at a series of AXA assets in Malaysia worth around $837m (EUR700m), but sources said it was in talks to buy AXA’s non-life business.

Last month, Generali missed out on a deal to buy Aviva’s Polish assets which went to Allianz for $3b (EUR2.5b).

The insurer has also been monitoring a possible acquisition in Russia though the project is still at a very early stage. Sources said last month that Russian insurer RESO-Garantia was the prime target for acquisitions.

Here’s more from Reuters.