Insurance

Battle lines drawn over credit insurers

7 Jan 2003

Ratings agencies and investors are divided over whether credit insurers should mark derivative losses to models or to market prices. Both methods have drawbacks. But investors should not place too much faith in the insurers models or the agencies motives.

Fiat takeover would benefit GM big time

2 Jan 2003

According to an old SEC filing, in a Fiat takeover, the US carmaker could actually force Fiat to buy back its 20% of Fiat Auto. This suggests any bidder, such as Robert Colaninno, would face a huge potential contingent liability that might hinder takeover plans.

Eric Daniels to be new chief at Lloyds TSB

20 Dec 2002

He faces a host of challenges on taking the helm of the huge UK bank: how to grow it and whether to cut the dividend, for instance. Peter Ellwood may not have done an amazing job, but pepping up this behemoth s performance won t be easy.

Fiat credit rating junked by Moody’s

20 Dec 2002

Fiat may meet debt reduction targets this year. But only through financial engineering. Moody's rightly decided that was insufficient. Fiat may be shocked, but it can't have expected better. Now its banks will likely step up asset sales.

Eric Daniels to be new chief at Lloyds TSB

20 Dec 2002

Fiat credit rating junked by Moody’s

20 Dec 2002

Royal & Sun Alliance finds new chairman, CEO

19 Dec 2002

This was never going to be an easy task given the state of RSA, but the group has done as well as it could. But these appointments won't of themselves encourage investors to unlock their wallets.

Mediobanca and SAI draw sighs of relief

19 Dec 2002

The SAI/Fondiaria merger goes through and Mediobanca keeps control of Generali. Neither Consob nor the competition commission managed to draw blood.

Royal & Sun Alliance finds new chairman, CEO

19 Dec 2002

Mediobanca and SAI draw sighs of relief

19 Dec 2002

Make-or-break week for SAI/Fondiaria merger

17 Dec 2002

No less than three verdicts are expected on the disastrous Mediobancaorchestrated plot. This is bad timing for Mediobanca's boss, who already looks in for a tough ride at a Friday board meeting.

Make-or-break week for SAI/Fondiaria merger

17 Dec 2002

Munich Re posts E859m Q3 loss

28 Nov 2002

A small pat on the back for the world s largest reinsurer for its operational performance. Premiums are rising at a fair clip. Less good, though, is its asset allocation, especially to German banks. Munich may yet have to support an HVB recapitalization.

Munich Re posts E859m Q3 loss

28 Nov 2002

ING raises E700m by switching hedging policy

26 Nov 2002

In a nifty manoeuvre, the Dutch insurer has switched to delta hedging its employee stock option exposure. This seems sensible. It also allows ING to refill its coffers by selling surplus treasury stock it held for its old hedge.

ING raises E700m by switching hedging policy

26 Nov 2002

Given its premium multiple, Securitas does not have much room to move. Its shares could stall or fall in coming months.

22 Nov 2002

Allianz Q3 loss hits E2.5bn, mulls bonds to boost capital

14 Nov 2002

A huge spike in bad loans at Dresdner, combined with flood losses and higher asbestos reserves, explain the record loss. After such a kitchensinking, it s natural to think Allianz is on the mend. But the German insurer isn t sure it is.

Allianz Q3 loss hits E2.5bn, mulls bonds to boost capital

14 Nov 2002

Royal & SunAlliance scraps rights issue, shrinks

7 Nov 2002

Even after this dramatic measure, it isn t clear whether RSA will have sufficient capital. Because investors wouldn t back it, RSA has been forced to shrink its business by 35%.