The hybrid split
Insurers’ capital management has relied heavily on hybrid debt over the last decade – a strategy that has come under threat from Ceiops' latest Solvency II proposals. Aaron Woolner reports
“Ceiops is not very popular with the industry right now,” says Carlos Montalvo, the genial secretary-general of the body charged with bringing the European Commission’s (EC) vision of Solvency II into a practical reality. The cause of this unhappiness is the raft of consultation papers (CPs) that the Committee of European Insurance and Occupational Pensions Supervisors brought out on July 1 – papers that proved far from palatable when the insurance industry digested them over its summer
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