Zurich Insurance Group has long been a quiet giant of the industry. Now it looks like the giant might be waking up.
Zurich, Switzerland’s largest insurer and in the world’s top 20, is making an aggressive play for Royal Sun Alliance, or RSA, Britain’s second-largest property insurer.
The potential €7.7 billion deal would be one of the largest in Europe in recent years and has some wondering whether a wave of consolidation might soon be in the cards for an insurance industry that has struggled to turn a consistent profit in the recent years of record low interest rates.
But Zurich’s new bravado is unlikely to provoke a reaction from Germany’s Allianz, Europe’s market leader, or other major rivals, analysts say.