New York Insurance Superintendent Eric Dinallo told Reuters that financially enervated life insurers are prime candidates for mergers and acquisitions.
Speaking at the Reuters Global Financial Regulation Summit in New York, Dinallo said his office was content to play matchmaker to help insurers weakened by the credit crisis find suitable partners.
Dinallo comments come amid an inauspicious backdrop for many life insurers. Several of the countrys largest, including Newark, N.J.-based Prudential Financial Inc. and Hartford, Conn.-based Hartford Financial Services Group Inc. have applied to receive funds under the U.S. Treasury Departments Troubled Asset Relief Program. Earlier this month, Richmond, Va.-based Genworth Financial Inc. saw its share price drop after word emerged that it wouldnt be eligible to receive TARP funds.
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