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Allianz's Booth Says Acquisitions Not Needed to Meet 2011 Targets

Source: WSJ

Posted on 20 Jan 2009

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German insurance giant Allianz SE sees no need for acquisitions to meet 2011 targets, Allianz management board member Clement Booth said Tuesday.

It wasn't immediately clear which targets Booth was referring to - whether they are group-wide targets, or referring to a specific region or business unit.

Allianz spokespeople weren't immediately available to comment.

"I believe that to keep to our 2011 targets, we don't need to buy anything (other companies)...we want to grow organically," Booth told a reporters roundtable in London. "I don't even know what 'cheap' is now in today's kind of market. We'll focus on organic growth and customer service," he added.

Booth is the board member responsible for Allianz's Anglo broker markets, NAFTA markets and global lines.