(Bloomberg) — With Zurich Insurance Group AG on the verge of pursuing its biggest acquisition in more than a decade, Europe is poised to add to the consolidation that is sweeping the industry globally.
RSA Insurance Group Plc shares surged almost 20 percent on July 28 after Zurich said it was considering an offer for the London-based provider of property and auto coverage. Zurich is said to be raising financing ahead of a potential offer for $8.7 billion RSA, people familiar with the talks said last week.
Insurance companies worldwide have been targeted in about $64 billion of acquisitions so far in 2015, more than double the amount in the same period a year ago. While the U.S. and Bermuda accounted for the lion's share, cash-rich European firms face the same pressures that are driving consolidation elsewhere, raising the specter that others such as Allianz SE and Axa SA may follow Zurich and seek bigger transactions.
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