Closed life specialists look forward to European boom
The consolidation of closed life books is taking off in continental Europe, repeating the experience of the UK a decade ago. Solvency II is part of the reason, but also makes life trickier for buyers who must watch out for capital traps
It's a tough time to be a minnow in insurance. The challenging economic climate makes this the age of the big fish – those able to withstand the dual pressures of a squeeze on investment returns and an increasing regulatory capital burden. It's also better to be big and nimble rather than big and clunky. With capital and liquidity at a premium there is no room for dead weight in the business, and companies unable to streamline effectively are liable to starve themselves of resources before long
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