Portugal has room for mergers among smaller companies,

The President of the Insurance Institute of Portugal (ISP), Fernando Dias Nogueira, considered today that there is room for mergers between insurance companies, the smaller in Portugal.


"There is still room for solutions of integration and mergers," said Fernando Dias Nogueira, admitting "this may happen in the smaller operators."

This scenario puts up as a consequence of the draft revision of financial guarantees, called for the insurance industry by Solvency II, which comes into force in 2010, and will be more demanding for levels of capital for insurers, the president explained ISP's, speaking at a hearing of the parliamentary committee for budget and finance.