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Report: Potential Allianz M&A targets include Zurich, The Hartford, Aspen

Allianz Group is looking to make acquisitions and has considered acquiring insurance companies in the U.S., Europe, Bermuda and Asia, Bloomberg News reported, citing sources.

The German financial services behemoth has reportedly included Zurich Insurance Group AG, RSA Insurance Group PLC, Aviva PLC, The Hartford Financial Services Group Inc., QBE Insurance Group Ltd., Argo Group International Holdings Ltd. and Aspen Insurance Holdings Ltd. among its list of possible targets.

Aspen is reported to be on the block and could be scooped up by a private equity firm.

Allianz is working with advisers informally in exploring options, but deliberations are at an early stage and may not result in a deal. It has not yet made a formal offer for Zurich Insurance, sources told Bloomberg News.