Restructuring gathers pace as insurers look to improve capital efficiency
The insurance landscape is evolving as firms begin to sell business units to non-insurers in their attempt to survive a changed financial climate. Louie Woodall reports
The insurance industry is restructuring to adapt to an economic landscape transformed by the financial crisis. In recent months major insurance groups have been selling off business units or undertaking transactions to de-risk blocks of business.
In April, US insurer Protective Life swooped in to buy the closed portfolios of Mony Life – a New York-based life insurance company – from Axa, the French insurance group, and reinsure a block of in-force policies written by a Mony subsidiary for $1
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