Munich Re expecting AIG approach

Munich Re, the world's biggest reinsurer, expects to be approached by American International Group Inc about buying assets from the nationalized US insurer, Chief Executive Officer Nikolaus von Bomhard said.

"We would be interested to look into it," said von Bomhard, in a Bloomberg Television interview in Seoul yesterday. "Probably we will be approached." The two companies are not yet in talks, he said.

The Munich-based reinsurer has repeatedly said it would be interested in expanding its primary insurance unit, which mostly consists of Dusseldorf-based Ergo Versicherungsgruppe, in southern and eastern Europe as well as in Asian growth markets. Eastern Europe and Asia are Munich Re's primary targets for growth, von Bomhard said yesterday.