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.
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.
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.
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.
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.
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%.
Roland Chlapowski parts company with Swiss Life 6 Nov 2002 First Royal & Sun, now Scor and Swiss Life have parted company with their chief executives. The market is finally imposing discipline on the industry's most egregious misallocators of capital. Zurich Financial Services and Royal & Sun Alliance lost their chief executives after overpriced acquisitions. But the reasons for Chlapowski s departure may be more worrying.