Conyac で依頼された翻訳結果を公開

Deal activity in the coming year is therefore likely to be driven by companies divesting business lines that generate sub-optimal returns while building scale in core operations.

Meanwhile, E.U. regulators are in the process of implementing Solvency II, an updated set of capital requirements and risk-management standards intended to reduce the risks of carriers, which are scheduled to become effective at the start of 2013.

It is not yet clear what impact Solvency II will have on E.U. insurers’ U.S. operations since their capital requirements are currently determined by U.S. regulators and are more restrictive than those of Solvency I. It is possible, however, that Solvency II may create higher capital requirements for these U.S. businesses. The uncertainty is forcing European insurers to reevaluate their capital commitments to their operations in the U.S.

We may see the odd, one-off large U.S. deal in 2011, but bankers are more likely to see a continuation of the trend established at the end of last year, with smaller, divestiture transactions dominating the landscape.