Spitzer probe hits insurance spreads
New York State attorney general Eliot Spitzer’s investigation into fraud and antitrust violations in the insurance sector has caused the biggest blowout in spreads this year.
Spreads gapped out by 20–30% and credit protection widened by 30bp on some names in little over a week. March & McLennan is at the forefront of Spitzer’s investigation but his lawsuit also includes AIG, ACE, Hartford Financial and Munich American Risk Partners. European names at risk are Munich Re, Zurich, Allianz and Royal
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