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.
2011年には、予測できない、突発的で大規模な米国市場での金融取引が見られる可能性もある。しかし、金融業界では、昨年末に定着した、小規模の投下資金の引揚げを目的としたトランザクションが全体的な流れとなる傾向が続く可能性の方が高い。
2011年には、断片的で偶発的な大きな米国の取引が起こる可能性もあるが、銀行団は注目を集めるより小さな分割化や資産の売却取引により、去年の終わりに確立した流れの維持を注視しているようである。
