Allianz and Generali followed rivals in aggressively writing down holdings of Greek government bonds on Friday, fuelling investor concerns about the possible impact on insurers of a worsening sovereign debt crisis. Analysts say major European insurers have moderate exposure to …
European shares held steady on Thursday, as strong earnings from insurers provided ballast and hopes that the European Central Bank could show readiness to buy bonds offset worries about slow economic growth in the region. The STOXX Europe 600 Insurance …
China is considering a proposal to create a ministerial-level body to manage its state-owned banks and non-bank financial enterprises, two sources with knowledge of the plan said, a move that would strengthen Beijing’s grip on its lenders. China’s motivations for …
“With the credit quality of the U.S. imperiled by the current impasse over raising the debt ceiling, insurance companies are facing increased overall risk on their balance sheets,” states A.M. Best. The company recently announced the findings of stress testing …
Major European banks have limited their losses on Greek bonds to just over €5 billion [$7.2 billion] after negotiating a 21 percent haircut on their debt holdings as part of a rescue plan. France’s BNP Paribas is set to take …
The second stress test of European insurers, conducted by the European Insurance and Occupational Pensions Authority (EIOPA), has confirmed “the robustness of the European insurance market and its ability to withstand severe stress scenarios,” notes the European (re)insurance federation (CEA). …
Spain’s MAPFRE has published its 7th annual survey of Europe’s non-life insurers, ranking them by gross premiums written. The survey found that “all the companies achieved an increase in premium revenues as well as excellent results, especially driven by their …
Standard & Poor’s Ratings Services has issued a report which “discusses why it thinks the European insurance industry seems nervous as it enters the second half of 2011.” The report – “European Insurance Credit Trends: Despite Strong Balance Sheets, Insurers …
American International Group sued two money management firms Thursday as the bailed-out insurer launched a fight to recoup billions of dollars it said it lost due to fraud. The insurer, 92 percent owned by the U.S. government, sued ICP Asset …
Five Japanese life insurers say they may buy more unhedged foreign bonds, believing that the yen is likely to weaken and that the currency risks are low enough for them not to take on higher hedging costs, a stance that …
