Allianz is holding advanced discussions on a possible purchase of Portuguese insurer Caravela Seguros after making an approach for the business, according to the Jornal Económico.

Sources privy to the development said Allianz is in talks with Caravela's shareholders over a potential transaction. They said the process is continuing but cautioned that the discussions may still end without a formal bid.

Toscafund, based in London, holds 48% of Caravela and has appointed Mediobanca to advise on the sale of that holding, Bloomberg News reported in January.

The insurer's other owners, comprising more than 20 investors, are also preparing to dispose of their positions.

The Lisbon-based company could be valued at around €150m, the news publication said.

Caravela and Toscafund did not reply to requests for comment. Allianz declined to comment through a representative.

A deal would add to Allianz's non-life business in Portugal.

Caravela is the country's seventh-largest non-life insurer, with a market share of 2.6%.

Italy's Reale Mutua has also been looking at a possible bid for Caravela, the Corriere della Sera reported last month, citing general manager Luca Filippone.

Toscafund bought its stake in Caravela in late 2019 through a €30m capital increase. Other investors include Portuguese businessman Mário Ferreira, the chairman and largest shareholder of media group Media Capital.

Last month, Allianz Commercial agreed to transfer its stand-alone commercial cyber insurance business to US-based company Coalition.

Under that agreement, Coalition becomes Allianz's exclusive global cyber insurance partner across all commercial segments. In the first quarter of 2026, Allianz said shareholders' core net income reached €3.8bn, an increase of 48.4% compared with €2.6bn in the same period a year earlier.

"Allianz in advanced negotiations to acquire Portugal's Caravela – report" was originally created and published by Life Insurance International, a GlobalData owned brand.