Allianz Group is considering acquiring the shares of France-based trade-credit insurer Euler Hermes Group SA that it does not already own, Bloomberg News reported, citing "people familiar with the matter."

The German insurer owns 63.93% of Euler Hermes, according to S&P Global Market Intelligence data.

The sources told Bloomberg that Allianz is in talks with advisers about potentially acquiring the remaining stake, which is valued at about €1.5 billion and is regularly reviewing the holding. No final decision has been made yet, they added.

Shares of Euler Hermes have increased 18% so far in 2017, giving the firm a market value of approximately €4.2 billion, according to the June 8 report.

Allianz, which has taken a cautious approach on deals since its failed acquisition of Dresdner Bank in 2001, missed the chance to utilize a €3 billion war chest for acquisitions after a deadline for takeovers ended in February, prompting it to return the capital to shareholders. CEO Oliver Bäte has stressed, however, that the firm could still finance an acquisition, Bloomberg noted.