New York
Although property and casualty insurers weathered the global financial crisis better than other types of financial services firms, emotional scars remain—scars that have prompted insurers to hang onto extra capital, an industry expert contends.
V.J. Dowling, managing partner for Dowling & Partners, an institutional investment firm in Hartford, Conn., said the balance sheets of p&c insurers are stronger than ever. “Not a single TARP dollar went to the p&c business,” he said, referring to the Troubled Asset Relief Program, which had the U.S government buying assets and equity from financial institutions to strengthen the sector at the height of the crisis in 2008.
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