Hey look, it’s a bunch of insurers telling people that through no fault of their own they won’t be getting the money that was specified in their contracts. How out of character. Aviva, Direct Line, RSA and Hiscox have all suspended 2019 dividends under regulatory duress. That follows Sabre on Tuesday saying it will suspend its special dividend. The Prudential Regulation Authority said it welcomes “the prudent decision”, having last month sent an open letter nagging about crisis capital ratios. Industry body EIOPA stepped up pressure a couple of days later by calling for a blanket suspension. The fact that Aviva etc have caved has put more pressure on the others to follow. Here’s Barclays:Capital position is strong, dividend cuts were not forced by solvency. Our view that European insurers
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Hey look, it’s a bunch of insurers telling people that through no fault of their own they...