Monday, April 2, 2012, 9:28 AM
Hartford Financial (HIG) +1.4% premarket after announcing it will pay $2.43B to buy back debt and warrants issued to Allianz (AZSEY.PK). The U.S. insurance company turned to Allianz, Germany’s largest insurer, for capital in 2008, agreeing to pay 10% on $1.75B of debt as capital markets froze; today's move allows HIG to replace the $1.75B it owes with new debt at a lower cost.
Comment![Financials, On the Move]
Sunday, January 15, 2012, 8:12 AM
Also in Merkel's response to the S&P downgrades comes this chilling idea: She says she will consider legislation to bar institutional investors such as insurance companies from selling bonds when ratings are downgraded, or fell below investment grade. If banning short sales doesn't work, why not step it up a notch and ban selling altogether?
75 Comments[Global & FX, Financials]
Friday, November 11, 2011, 8:56 AM
JPMorgan notes Europe's insurers own €300B of Italian paper, about 2/3 of their entire shareholder's equity. Shares in the sector have sold off recently and may seem cheap, but still trade near book value. An Italian default or exit from the euro coupled with devaluation would leave the group with devastated assets, but no fall in liabilities.
1 Comment[Global & FX, Financials]
Friday, November 11, 2011, 7:31 AM
Allianz (AZSEY.PK) profit falls to €196M from €1.26B the previous year as the insurer takes the marks on its Greek paper and shows unexpectedly high writedowns on its equity holdings of financial shares worldwide. Still, "risk-on" is the word today, shares +3.6% in Frankfurt.
Comment![Global & FX, Financials]
Tuesday, September 6, 2011, 8:49 AM
German insurer Allianz (AZSEY.PK) separates PIMCO from its other asset management ops, although the move isn't a precursor to a sale of any unit. PIMCO continues to be headed by co-founder and co-CIO Bill Gross, and by CEO and co-CIO Mohamed El-Erian.
Sunday, July 24, 2011, 8:26 AM
A report in Die Welt says German financial firms were prepared to accept a far higher write-down on their Greek paper than the 21% eventually agreed to. At that level, Deutsche Bank will actually show a profit on its holdings. It makes one wonder what all the fuss was about over the past weeks.
3 Comments[Global & FX, Financials]
Monday, June 6, 2011, 6:35 AM
Statoil (STO) agrees to divest a 24.1% Gassled JV stake for around $3.25B, holding on to just a 5% stake. The buyer is Solveig Gas Norway, a holding company owned by Allianz (AZSEY.PK), a Canadian pension agency and Abu Dhabi Investment Authority. (PR)
Monday, May 23, 2011, 4:22 AM
Commerzbank (CRZBY.PK) said yesterday it plans to raise €5.3B ($7.5B) through a share issue, the second this year, to pay off its government bailout. Major shareholder Allianz (AZSEY.PK) plans to exercise its full subscription rights. In European trading, Commerzbank -2.9%.
Comment![On the Move, Financials]