What is there to complain about this week?
Rating agency Fitch has threatened to downgrade Towergate’s issuer default rating to B- from B if its total gross debt remains six times its EBITDA over the next 18-24 months.
Solvency II may be delayed until 2015, taking full effect in 2016 instead of 2014, according to reports from Bloomberg, quoting Financial Times Deutschland. However, European Commission head of unit for insurance and pensions Karel Van Hulle has denied the delay.
Aviva Investors is to axe 160 staff as the global economic slowdown takes its toll, according to the Financial Times. The firm wants to focus on fixed income products instead of equities. Aviva Investors said clients have a reduced appetite for riskier assets.