Riccardo reiterates his view, as do we given US rates remain elevated despite plenty of anti-tapering rhetoric last week (don’t fight the Fed). Also note one of the best performing stock’s in the US last night was Genworth Financial, an Insurer, up 4.4% to a two year high. Perhaps a little too much poetic licence here, but we have normalised the graph and converted it to US$ to make a point, it appears some correlation is evident with Aegon.
The other European names with decent US exposure include: PRU, SCOR, Swiss Re, Hannover Re, Munich Re, Amlin, Catlin and Zurich.