European insurers' pain piques interest of private equity
For years, Europe's insurers have suffered because of low or even negative interest rates that depressed investment returns. Private equity firms say they're ready to help.
Private equity firms are increasingly getting involved in insurance deals in the Europe, betting their investing expertise can help lift returns from managing premium income, according to Patrick Liedtke, head of the financial institutions group in Europe, the Middle East and Africa for BlackRock Inc.
"We see other sources of capital coming into the industry," Liedtke, who helps insurers with asset allocation, said in an interview. Takeovers "used to be a lot about consolidation within the industry, but we now see private capital coming in."
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