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Report: Zurich Insurance finance chief critical of big mergers

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Report: Zurich Insurance finance chief critical of big mergers

Zurich Insurance Group AG will emphasize efforts to improve its operations and will consider only "bolt-on acquisitions," CFO George Quinn told CNBC on June 6.

Quinn said large, international mergers tend to disrupt at least one, if not both, of the involved parties and that "it is hard to get the full value for them." The group's CEO, Mario Greco reportedly said in the week of April 28 that he sees no necessity for comprehensive insurance sector consolidation in Europe.

Zurich has been linked to a potential merger with German giant Allianz Group. Quinn's comments echo those he made on the company's first-quarter earnings call, when he said, "We don't believe in this large-scale multimarket approach to M&A."