Generali interested in a U.S. acquisition

By Claudia de Lillo

PRAGUE (Reuters) - Italy's biggest insurer Generali (GASI.MI: Quote, Profile, Research, Stock Buzz) is interested in making an acquisition in the United States, but not at any price, a top executive said on Wednesday.

"The United States is an important market that we are following with a selective approach to specialized segments," co-Chief Executive Sergio Balbinot told a news conference about its activities in central Europe.

Balbinot cited pensions and long-term care as examples of specialized segments of the market.

"Today, the dollar is favorable for us but an investment in the United States does not depend only on that, the first objective is to create value," he said.

Balbinot also forecast that Generali PPF Holding, the joint venture based in the Czech Republic with international finance group PPF, would double its value to 10 billion euros ($14.81 billion) by 2012.

The increase would come from internal growth and acquisitions, he said.

Generali and PPF sealed the agreement for the joint venture this month, with Generali holding 51 percent and PPF the rest.

Generali also is on the short list of bidders for Romanian insurer Asiban, he said.