capital structure – Page 2 – Twenty Third Floor

Category: capital structure

capital structure, credit risk, currency risk, economics, financial risk, insight, managing uncertainty, market risk, news, operational risk, predictive modelling, property

Visagie still around?

27 October 2008

David Kirk

A comment came in today on an old article about the dodgy lending scheme Rudie Visagie was proposing. The reader “trymore” provides some details of a new deal apparently being run by Rudie Visagie. As I stated last time this gentleman’s name came up, I have no personal interest or involvement here at all. My…
Read more: Visagie still around?
Actuarial and Risk, capital, capital structure, insurance, life insurance, news, operational risk

Packing for Prague

7 June 2008

David Kirk

Heading off to a Solvency II conference in Prague this evening. QIS 4 is hot news at the moment, and the conference is going to cover many of the details and requirements of the exercise. Large European multinationals have spent enormous effort on the 4 QIS exercises. The data requirements alone are huge. Somehow CEIOPS…
Read more: Packing for Prague
capital, capital structure, economics, financial risk, hedging, insight, insurance, life insurance, managing uncertainty, news, operational risk

Confidence and capital – Nationwide has neither

30 April 2008

David Kirk

Nationwide Airlines is on the ground. A series of business and operational problems met the global economy of skyrocketing avgas prices and left them insolvent by R172m (assets of R46mÂ less liabilities of R218m). They’ve also left friends of mine stranded in South Africa after a trip from Ireland for another friend’s wedding (congratulations Kay and…
Read more: Confidence and capital – Nationwide has neither
Actuarial and Risk, capital, capital structure, financial risk, insight, insurance, life insurance, news, operational risk

Solvency II makes another milestone – QIS3 out

24 November 2007

David Kirk

Apparently the results for QIS3 are now available. Â QIS3 (“Quiz 3”) is the third Quantitative Impact Study along the path to rolling out Sovlency II for insurance companies between 2010 and 2012. It provides further light on what capital requirements will actually be when Sovlency II comes into effect. Perhaps a warning is required for…
Read more: Solvency II makes another milestone – QIS3 out
capital structure, economics, financial risk, hedging, optimisation

Follow up on gold hedging: Western Areas, South Deep and GoldFields

4 February 2007

David Kirk

Gold Fields purchased Western Areas (through a share swap) and thus inherited the notoriously “toxic” hedge-book of Western Areas. This event is worth considering in the light of my previous blog on hedging. Let’s apply some analysis and critical thinking here. First, some real-world imperfections. The hedge book was created in the time of the…
Read more: Follow up on gold hedging: Western Areas, South Deep and GoldFields
capital, capital structure, financial risk, life insurance

Life insurers getting WACC’d by debt issues

13 September 2006

David Kirk

Life insurers in South Africa have been stumbling over each other to issue long-term debt. The reason? Ostensibly to reduce their WACC and generate greater value for shareholders. Common sense tells us that this is a sensible thing to do. Companies all over the world have been using debt capital to reduce their WACC by…
Read more: Life insurers getting WACC’d by debt issues

Twenty Third Floor

Figuring out the future and the now

Category: capital structure

Visagie still around?

Packing for Prague

Confidence and capital – Nationwide has neither

Solvency II makes another milestone – QIS3 out

Follow up on gold hedging: Western Areas, South Deep and GoldFields

Life insurers getting WACC’d by debt issues

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