Confidence in European insurers drops
The cost of credit protection on the subordinated debt of European financial institutions rocketed in early trading today, with insurers hit particularly hard.
Five-year subordinated credit default swap (CDS) spreads referencing German insurer Hannover Re widened to 170 basis points at midday London time from 145.8bp at the close of New York trading on Friday as it announced it had completed its acquisition of the ING individual life reinsurance business from Scottish Re. Local rival Munich Re saw spreads at 156.2bp from 141.7bp, according to data from credit information specialist CMA Datavision.
CDSs on the subordinated debt of Dutch insurer Aegon
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