Credit Crunch Derailing Insurance Deals?
filed in Insurance News on Nov.25, 2008
So says Traveler’s Cos. CEO Jay Fishman. He contends that the credit crunch has made it harder for companies looking to sell insurance businesses. Because of the global credit mess, the capital of potential buyers is increasingly dwindling. Unfortunately, this just contributes to the ever increasing mess for companies aroudn the globe seeking to cut their losses.
From the article on Bloomburg.com:
‘The number of insurance businesses for sale far exceeds demand in the current market, Fishman said in an interview yesterday. “There are some that might not be sold,” he said. Financial firms in the U.S. and Europe have put insurers on the market seeking more than $70 billion.’
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