Waiting for the Solvency II dam to break

Issuance from the insurance sector has been caught between two milestones: the end of a grandfathering clause for cheap perpetual issuance at the start of this year, and the beginning of the new Solvency II regulatory regime at the start of 2016. But just as with contingent capital — or AT1 — which had a slow start, once there is clarity around Solvency II, deals will flow. Chris Wright reports.