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Thomas Noack, WestLB

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Latest Analyst Comments by Thomas Noack, WestLB
 

Bancassurance model seen key to life product sales (Financial 24 Financial News) - Jul 27, 2009

CNP acquires a 50 percent stake in Barclays BVP insurance unit for 590 million euros while Barclays makes commitments to expand its bank branch network in the three countries. For their size it is not a big deal, said WestLB analyst Thomas Noack, commenting on the deal's capital requirement.  
Recent Research on Barclays plc (BARC)
Barclays Bank PLC (Fitch Research)- Oct 30, 2009
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Share:  For their size it is not a big deal, said WestLB analyst <span class="analyst">Thomas Noack</span>, commenting on the deal's capital requirement. Tweet this 

CNP acquires a 50 percent stake in Barclays BVP insurance unit for 590 million euros while Barclays makes commitments to expand its bank branch network in the three countries. For their size it is not a big deal, said WestLB analyst Thomas Noack, commenting on the deal's capital requirement.  
Recent Research on CNP Assurances S.A. (CNP)
CNP Assurances (S&P Credit Research)- Nov 12, 2009
Summary: CNP Assurances (S&P Credit Research)- Nov 12, 2009
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Share:  For their size it is not a big deal, said WestLB analyst <span class="analyst">Thomas Noack</span>, commenting on the deal's capital requirement. Tweet this 

For their size it is not a big deal, said WestLB analyst Thomas Noack, commenting on the deal's capital requirement. Italy's Generali is planning a series of smaller deals with regional Italian banks to replace its home market pact with Intesa Sanpaolo (ISP.MI), and analysts said it could talk with regional banks in Germany to replace Commerzbank (CBKG.DE) as a partner.  
Recent Research on Assicurazioni Generali S.p.A. (G)
Assicurazioni Generali S.p.A (Moody's Global Credit Research)- Jan 27, 2010
Generali Group (S&P Credit Research)- Dec 29, 2009
Summary: Generali Group (S&P Credit Research)- Dec 29, 2009
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Share:  For their size it is not a big deal, said WestLB analyst <span class="analyst">Thomas Noack</span>, commenting on the deal's capital requirement. Italy's <span class="company">Generali</span> is planning a series of smaller deals with regional Italian banks to replace its home market pact with Intesa Sanpaolo (ISP.MI), and analysts said it could talk with regional banks in Germany to replace Commerzbank (CBKG.DE) as a partner. Tweet this 

For their size it is not a big deal, said WestLB analyst Thomas Noack, commenting on the deal's capital requirement. Italy's Generali is planning a series of smaller deals with regional Italian banks to replace its home market pact with Intesa Sanpaolo (ISP.MI), and analysts said it could talk with regional banks in Germany to replace Commerzbank (CBKG.DE) as a partner.  
Recent Research on Intesa Sanpaolo SpA (ISP)
Intesa Sanpaolo Spa (Moody's Global Credit Research)- Feb 15, 2010
Moody's lowers hybrid securities ratings in Italy (Moody's Global Credit Research)- Feb 09, 2010
Moody's affirms Baa3/P-3/D-/Aaa.ru of Banca Intesa (Russia) (Moody's Global Credit Research)- Jan 26, 2010
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Share:  For their size it is not a big deal, said WestLB analyst <span class="analyst">Thomas Noack</span>, commenting on the deal's capital requirement. Italy's Generali is planning a series of smaller deals with regional Italian banks to replace its home market pact with Intesa Sanpaolo (<span class="company">ISP.MI</span>), and analysts said it could talk with regional banks in Germany to replace Commerzbank (CBKG.DE) as a partner. Tweet this 

Strategy sees Swiss Re losing money in Q4 (Shanghai Daily (business)) - Feb 19, 2009

"The capital measures will surely have a massive dilutive effect," Thomas Noack, an analyst at WestLB Equity Markets in Dusseldorf, wrote in a note to investors on Wednesday. The loss is "surely driven by huge unrealized mark-to-market movements.". related stories Buffett ready to invest US$2.6b in Swiss Re SWISS Reinsurance Co said yesterday it will get a fund injection of 3 billion Swiss francs (US$2.6 billion) from financier Warren Buffett after warning investors it expects to lose 1 billion francs for the full year. 
Recent Research on Swiss Reinsurance Company Ltd. (RUKN)
Moody's Comments on Swiss Re's YE09 Earnings (Moody's Global Credit Research)- Feb 19, 2010
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Share:  "The capital measures will surely have a massive dilutive effect," <span class="analyst">Thomas Noack</span>, an analyst at WestLB Equity Markets in Dusseldorf, wrote in a note to investors on Wednesday. Tweet this 

Swiss Re's Capital Confusion (Forbes.com: Markets News) - Feb 19, 2009

"I think that Swiss Re just wants to have all the options available," said Thomas Noack, an analyst with WestLB. "Shareholders will definitely be positive on these proposals, although the dilution is massive." Swiss Re has been chastened by its dismal 2008 performance, as well as the angry investor reaction to its pre-announced loss. It even brought in a new chief executive on Feb. 12, Stefan Lippe, to turn the firm around (See "New Hope For Swiss Re." ) With Swiss Re's shareholder meeting now brought forward to March, a month earlier than expected, the company seems to be doing all it can to limit the potential damage and burnish investor confidence. 
Share:  "I think that <span class="company">Swiss Re</span> just wants to have all the options available," said <span class="analyst">Thomas Noack</span>, an analyst with WestLB. "Shareholders will definitely be positive on these proposals, although the dilution is massive." Tweet this 

Swiss Re Ousts Aigrain After Loss; Lippe Takes Over - Bloomberg - Feb 12, 2009

The board of directors accepted Aigrain's offer to resign and named deputy CEO Stefan Lippe , 53, as his successor, Swiss Re said in a statement today from Zurich. The reinsurer announced last week a 3 billion Swiss franc ($2.6 billion) capital injection from Buffett's Berkshire Hathaway Inc after a full-year loss of about 1 billion francs. The company is abandoning Aigrain's strategy to increase profit by trading securities such as credit-default swaps, which led to writedowns of 6 billion francs in 2008. "When a bad situation turned into a dramatic one, they had to act," said Thomas Noack , an analyst at WestLB Equity Markets in Dusseldorf who has an "neutral" rating on the shares. "Lippe is a real reinsurance guy, which is exactly the right and reassuring signal they need to send at this moment." . 
Share:  "When a bad situation turned into a dramatic one, they had to act," said <span class="analyst">Thomas Noack</span> , an analyst at WestLB Equity Markets in Dusseldorf who has an "neutral" rating on the shares. Tweet this 

After Swiss Re, Buffett Could Be Eying Munich Re (Forbes.com: Market News) - Sep 25, 2008

Shares of Swiss Re climbed 4.5%, or 2.80 Swiss francs ($2.58), to 65.35 francs ($60.23), during afternoon trading in Zurich. The disclosure of 277 million Swiss francs ($255.55) in additional write-downs on structured credit default swaps could have been worse, and Swiss Re said it still expected to hit its targets of 10% earnings per share growth and 14% return on equity. But with more write-downs on structured products in the pipeline, and with hurricane season also likely to result in a pile of claims, it might not be worth buying into the firm just yet. "The remaining risks are still there," said Thomas Noack, analyst with WestLB, as Swiss Re (other-otc: SWCEF .  
Share:  "The remaining risks are still there," said <span class="analyst">Thomas Noack</span>, analyst with WestLB, as <span class="company">Swiss Re</span> (other-otc: SWCEF . Tweet this 

Swiss Re Lightens Exposure, Yet Not Risk-Free (Forbes.com: Market News) - Sep 25, 2008

But with more write-downs on structured products in the pipeline, and with hurricane season also likely to result in a pile of claims, it might not be worth buying into the firm just yet. "The remaining risks are still there," said Thomas Noack, analyst with WestLB, as Swiss Re (other-otc: SWCEF . - news . - people ) kicked off an investor presentation on Thursday. "The third quarter will not be brilliant." 
Share:  "The remaining risks are still there," said <span class="analyst">Thomas Noack</span>, analyst with WestLB, as <span class="company">Swiss Re</span> (other-otc: SWCEF . Tweet this 

AIG Woes Offer Double Benefit for Insurance Rivals (Insurance Journal) - Sep 17, 2008

Analysts say Canadian life insurance company Manulife Financial Corp., the biggest life insurer in North America by market value, might consider acquiring AIG's U.S variable annuity business, and Manulife executives have said they would like to enter the Japanese and Chinese wealth-management markets. "If you take out all the financial services business, AIG had a classic life and property/casualty insurance business and it was very profitable. They made good money," said Thomas Noack, insurance analyst at WestLB. "This..represents an opportunity for those companies either with cash, or with access to cash (via leverage), to build out their portfolios," said JP Morgan. 
Recent Research on American International Group, Inc. (AIG)
Moody's affirms ALICO's A1 rating upon acquisition announcement by AIG (Moody's Global Credit Research)- Mar 08, 2010
Moody's affirms AIA (Bermuda) rating at Aa3 with negative outlook (Moody's Global Credit Research)- Mar 02, 2010
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Share:  They made good money," said <span class="analyst">Thomas Noack</span>, insurance analyst at WestLB. Tweet this 

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Thomas Noack

WestLB

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