Allianz, Generali, Axa Eyeing Polish Insurer Warta

A number of western European insurance companies have begun conducting due diligence on Polish insurer Grupa Warta, which Belgium's KBC Group NV (KBC.BT) has put up for sale, daily Rzeczpospolita reports, citing an unnamed source.

Warta's suitors include Allianz SE (ALV.XE), Italy's Assicurazioni Generali SpA (G.MI), Talanx Group, Vienna Insurance Group, Zurich Financial Services AG (ZURN.VX) and Axa SA (CS.FR), the report says.

Warta's price is oscillating around EUR700 million, the paper quotes its source as saying. A suitor may be chosen in the first quarter of 2012, it adds.

KBC has decided to sell Warta as well as its 80% stake in Polish Kredyt Bank SA (KRB.WA) to help it meet stringent new capital requirements at home.

Warta is wholly owned by KBC.

Newspaper website: www.rp.pl

-By Marynia Kruk, Dow Jones Newswires; +48 22 447-2431; marynia.kruk@dowjones.com

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