Insurance sub debt A sound policy
Robert Montague
SG CIB
Overweight
Subordinated insurance was the top-performing euro-denominated sector in 2004. We are maintaining our overweight recommendation on the sector that we held for all of 2004, at least into the first quarter of 2005. This partly reflects our strategists’ bullish view on credit and the fact that subordinated insurance is a high-beta sector, but we do not believe that insurers will outperform to the extent they did in 2004. However, investors still seem
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