Investors sift for gold in bruised insurance sector

摘要

The sell-off in European insurance hybrids has resulted in rich pickings for investors who are convinced that secondary levels do not reflect the health of the sector. Insurance companies' bonds were caught in the crosshairs of the panic that swept through the banking sector in recent weeks, with even the strongest names getting hammered. "The widening was the widest and sharpest since the periphery crisis in 2012," said Neil Williamson, co-head of EMEA credit research at Aberdeen Asset Management. That poor performance is at odds with a sector that typically proves resilient to broader volatility, although it has left investors spoilt for choice.