Allianz Malaysia is in acquisition talks with Malaysian motor insurer AmGeneral Insurance, according to sources. Mitsui Sumitomo Insurance was also shortlisted to bid for AmGeneral but Allianz has edged out its rival. AmGeneral has applied for approval from Bank Negara to allow Allianz to undertake due diligence but has not ruled out a deal with another suitor if negotiations with Allianz stall, a source said. AmGeneral, which claims to have a 51% share of the motor insurance market, is 15% owned by AMMB Holdings, with Insurance Australia Group holding the remaining stake. It could be valued at about $800m.
Allianz Malaysia is in acquisition talks with Malaysian motor insurer AmGeneral Insurance, according to sources. Mitsui Sumitomo Insurance was also shortlisted to bid for AmGeneral but Allianz has edged out its rival. AmGeneral has applied for approval from Bank Negara to allow Allianz to undertake due diligence but has not ruled out a deal with another suitor if negotiations with Allianz stall, a source said. AmGeneral, which claims to have a 15% share of the motor insurance market, is 51% owned by AMMB Holdings, with Insurance Australia Group holding the remaining stake. It could be valued at about $800m.