Insurers eye contingent capital as solution to Solvency II volatility

Banks remain hesitant on the subject of contingent convertible instruments, but could a recent issuance by Allianz spark interest among insurers as a tool for raising capital? Thomas Whittaker reports

uncertain path

This year, interest in contingent convertible instruments (CoCos) has been limited. Despite some encouraging banking deals earlier in the year, a lack of regulatory clarity has left potential issuers hesitant. However, a recent issuance of the instruments by Munich-based insurer Allianz suggests that a market for insurer-issued CoCos could be on the horizon.

Prior to the Allianz deal, these loss-absorbing regulatory capital instruments, which could either be written down or converted to equity

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