Activist investor 7Square is pressing German insurer Nuernberger Beteiligungs AG to consider rival takeover offers, arguing that the ongoing exclusive talks with Vienna Insurance Group (VIG) undervalue the company, according to a report by Bloomberg.

In a letter to Nuernberger’s board, 7Square highlighted years of underperformance in both the life insurance and property & casualty segments and urged the company to end exclusivity with VIG and pursue a full strategic review. The activist estimates Nuernberger’s value at €119 to €143 per share – up to €1.6bn – more than double its current market valuation of around €700m.

7Square claims multiple strategic investors have expressed interest in acquiring either the life insurance division or the entire group, provided a transparent and competitive process is initiated. The investor has also called on Nuernberger to lift transfer restrictions that limit share sales, citing precedent from Swiss insurer Baloise AG, where similar moves paved the way for activist influence and eventual sale.

With Nuernberger listed on Frankfurt’s Scale segment, a majority stake buyer would not be obligated to make a mandatory takeover offer, a scenario 7Square warns could harm remaining shareholders’ value. The activist insists any strategic review must be neutral and transparent, especially given Nuernberger’s challenging operating environment and depressed share price.

Nuernberger and VIG declined to comment.