M&A bankers are a uniquely optimistic breed. At the start of March, when UK insurer Prudential announced its agreement to take over the Asian operations of AIG in a deal that will double its size and require the largest ever UK rights issue to finance it, they were delighted. Other insurers will have to respond, they argued. Those global insurers now lacking scale in non-Japan Asia, which everyone agrees will drive global GDP growth for the next 20 years and where insurance penetration is much lower than in developed markets, might have to launch their own deals.
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