Insurance sector: moral hazard

Credit of the month

Pilar Gomez-Bravo
Lehman Brothers

European insurance sector spreads seem to be stabilising although certain names remain volatile and headlines still provide surprises. Some are positive, such as the rights issues by Legal & General and Zurich Financial Services, and some are negative, such as Allianz’s €750 million capital injection into its US P&C business or Generali’s disappointing interim results. Overall, we have changed our sector recommendation to neutral from underweight as we

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