On October 4, 2009
Health Insurers Seek Acquisitions While Rating Agencies Look Backward
One has to wonder about the three credit rating agencies. When their ship comes in, they’ll be at the airport with an outdated ticket stamped “void.” Just a few weeks ago at the annual reinsurers’ conference in Monte Carlo, they were trumpeting their “doom and gloom” theory. While it’s true that insurers’ reserves aren’t what they used to be when the market was higher, every indicator shows that their coffers aren’t empty and, in many instances, they are ready to do deals. The latest indication came at an insurance conference in Ottawa, where the head of the financial institutions group for Scotia Capital predicted that Canadian insurers with bulging bank accounts might consider U.S. takeovers, or Asian joint ventures. “There…
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