Allianz SE is in advanced talks to buy Portuguese insurer, Caravela Seguros, according to reports.
The Lisbon-based insurer is worth around €150m.
The potential acquisition would bolster Allianz’s Portuguese non-life portfolio. Caravela ranks seventh in Portugal’s non-life insurance market with a 2.6% share.
Italian insurer, Reale Mutua, has also been considering bidding for Caravela, Corriere della Sera reported last month, citing general manager Luca Filippone.
