The paper said Generali was looking at a company active mainly in the non-life insurance business and listed as potential targets VTB Insurance, Rosgosstrakh and RESO-Garantia, which it said was the most likely candidate.

Generali declined to comment on the story.

CEO Philippe Donnet said earlier this month the company had more than 2 billion euros for M&A and would look at opportunities with discipline.

The paper said the project was still at a very early stage and was being informally examined by the insurer’s investment committee. However, the plan has also stirred some concerns internally due to Russia’s geopolitical situation.

Source: Insurance Journal