Allianz and Munich Re are planning to reduce mutual cross-shareholdings worth more than $7 billion, while selling off some holdings in jointly held companies in order to free up cash for an expansion in fund management and insurance.
The moves will allow the insurers to take advantage of the German government’s plan to do away next year with a capital gains levy on shareholding sales. The companies plan to reduce their cross-holdings by between 20 and 25 percent by the end of 2003.
Was this article valuable?
Here are more articles you may enjoy.
A 10-Year Wait for Autonomous Vehicles to Impact Insurers, Says Fitch 
The $10 Trillion Fight: Modeling a US-China War Over Taiwan 
Florida Insurance Costs 14.5% Lower Than Without Reforms, Report Finds 
Florida Engineers: Winds Under 110 mph Simply Do Not Damage Concrete Tiles 
