Thursday, March 26, 2009
Report: "We think the insurance industry now is essentially where the banking industry was 12 months ago"
The insurance industry could be the next shoe to drop in the financial crisis, a big hedge fund warns.
According to a report from Bridgewater Associates, a Westport, Conn.-based hedge fund with $71 billion in assets under management, insurance companies are looking a lot like what banks looked like a year ago as the assets they're sitting on continue to sour -- setting the stage for those companies to need a rescue of their own.
"We think the insurance industry now is essentially where the banking industry was 12 months ago," according to the 5½-page report, which is distributed to a tight circle of clients and was obtained by The Post. Bridgewater officials declined to comment...
NY Post: REDUCED PREMIUMS: INSURERS WILL NEED THEIR OWN GOV'T. HELP: REPORT
According to a report from Bridgewater Associates, a Westport, Conn.-based hedge fund with $71 billion in assets under management, insurance companies are looking a lot like what banks looked like a year ago as the assets they're sitting on continue to sour -- setting the stage for those companies to need a rescue of their own.
"We think the insurance industry now is essentially where the banking industry was 12 months ago," according to the 5½-page report, which is distributed to a tight circle of clients and was obtained by The Post. Bridgewater officials declined to comment...
NY Post: REDUCED PREMIUMS: INSURERS WILL NEED THEIR OWN GOV'T. HELP: REPORT
Permalink posted by markw @ 5:45 AM 
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