American International Group is looking to expand its presence in Europe, and it hasn’t ruled out acquisition as a strategy.

CEO Martin Sullivan told the Financial Times the US company is looking to compete against well-established European brands like Allianz and Generali.

“We are considering getting into insurance for smaller companies on the continent,” he said.

Its target market will be small and medium-sized enterprises with annual sales of less than €25 million ($42.1 million). That segment is valued at €14 billion ($23.5 billion) Europe-wide.

Mr Sullivan says takeovers may be required to achieve the required level of growth. “We have plenty of possibilities for growth in the businesses we already have,” he said. “If there are possible acquisitions that would make sense, then we’ll do that too.”