Micheal Diekmann says uncertainty is uncomfortable
Allianz chief executive Michael Diekmann said yesterday Allianz will not make big acquisitions until regulators clarify the impact of new Solvency II rules, the FT reports.
's comments highlight how uncertainty about - a regulatory framework that is due to apply from 2012 - is clouding the outlook for European insurers.
"In our view major transactions prior to clarification on the outstanding regulatory issues arising from Solvency II are unlikely," he said.
Explain to investors
"We would have to explain to investors what the financials are . . . if we do not know how much capital we are going to have to hold, investors are going to get very uncomfortable."
Diekmann warned the proposals being considered risked burdening insurers with an "exaggerated level of capital".
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