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Rating:AXA in a Buying Mood Not Rated 5.0 Email Routing List Email & Route  Print Print
Wednesday, August 13, 2003

AXA in a Buying Mood

by: Sean Hanna, Editor in Chief

AXA is back in the market as a buyer, reports the Wall Street Journal. Chief Executive Henri de Castries told analysts yesterday that the European insurer is "in a position to be a consolidator."

The reentry of AXA into the market comes as a number of firms have put units up for sales, according to industry insiders. There have been widespread rumors that Germany's Allianz is seeking a buyer for its stake in Pimco.

Meanwhile, Cigna confirmed recently that it is mulling over options for its U.S. asset management and retirement business.

He is not looking only in the U.S. though. In response to a question from an analyst, de Castries said that he would "jump on" any opportunity to buy a firm in Italy, a market in which AXA lacks clout. He said the firm has no interest in making additional buys in Asian however.  

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