German heavyweight Allianz is said to be weighing up a large-scale UK acquisition according to reports, with RSA and Aviva named as potential targets.

A report from The Times suggests that Allianz CEO Oliver Bäte has been working with investment bankers for several months to develop a hit list of possible deals, with the insurer mulling a possible takeover approach for major UK carriers including RSA and Aviva.

Zurich and QBE were also said to be in the frame.

The publication indicated that Bäte, who has been CEO of the German carrier since 2015, is keen to make use of a growing cash pile and pursue new investments.

Bäte is said to be frustrated after missing on the acquisition of XL Group, which was snapped up by French rival Axa in a $15.3bn deal in March.

Last August, Allianz agreed to acquire a 49 percent stake in LV=’s general insurance business for £500mn, with the two carriers agreeing to launch a joint venture under the LV= name.

The transaction will see Allianz acquire a 69.9 percent stake in the joint venture. The agreement also contains a provision for Allianz to pay LV= a further £213mn by 2019 for an additional 20.9 percent stake in the joint venture through an agreed forward purchase based on a total valuation of £1.02bn.