Analyst reviews Converium defence chances
As the Converium board rejected SCOR’s formal approach for the remaining two thirds of the company not already under its control, equity analysts at Keefe Bruyette and Woods (KBW) cast doubt on the Swiss target’s ability to mount a credible defence around its 14% medium-term return on equity target, but also questioned the credibility of potential cost-saving numbers floated by SCOR.
In a note to investors ahead of Converium’s hastily-rescheduled results announcement, KBW said it expected a return of equity of just 9% in 2009 set against the Swiss reinsurer’s own 14% target.
KBW
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