European insurance - European insurers recapitalise after fair value hits
Swiss Re, Aegon and Eureko aim to raise a combined EUR5 billion in extra capital after heavy fair-value losses on equity markets and structured credit left their capital positions looking anaemic.
Zurich-based Swiss Re backtracked from initially seeking Sfr5 billion (EUR3.35 billion) to a target of Sfr3 billion following a downgrade in their credit rating by Standard & Poor's to A. Swiss Re's losses stemmed from writedowns of Sfr6 billion linked to its Legacy portfolio.
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