Fitch: Swiss insurers set to make acquisitions – The Royal Gazette | Bermuda News, Business, Sports, Events, & Community

Log In

Reset Password

Fitch: Swiss insurers set to make acquisitions

ZURICH (Bloomberg) Zurich Financial Services AG, Baloise Holding AG and other Swiss insurers will compensate for slowing growth in their home market by making acquisitions, according to Fitch Ratings.Low interest rates and slowing economic growth are depressing earnings in a Swiss insurance market that is already “highly saturated,” Fitch said in a study published yesterday. The Swiss insurance industry’s total profit was 8.5 billion Swiss francs ($10.7 billion) in 2010, the ratings company said.

We expect “strongly capitalised insurance companies to continue to take advantage of the current challenging market conditions and make acquisitions if attractive opportunities arise,” Fitch said.

Zurich Financial, Switzerland’s biggest insurer, bought 51 percent of Banco Santander SA’s Latin America insurance business for $2.1 billion in February.

You must be Registered or to post comment or to vote.

Published August 26, 2011 at 10:46 am (Updated August 26, 2011 at 10:46 am)

Fitch: Swiss insurers set to make acquisitions

What you
Need to
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon