Relaxation of capital holding rules from Europe sees surge
Insurers led the FTSE 100 through 5,300 to its best level since September 2008, after CEIOPS relaxed proposals to force insurers to hold more capital, the FT reports
Legal & General rose 5.5% to 85¾p – it was also subject to renewed speculation about a possible break-up bid from Resolution.
The Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) relaxing demands that insurers to hold extra capital, was the main reason for share rises.
Off the table
“The risk of substantial capital raises ... is probably off the table,” Morgan Stanley analyst John Hocking said.
Aviva was up 3% to 408p and Prudential 1.9% to 605½p.
