German insurers including Munich Re and Allianz have amassed more than €3bn of exposure to the struggling property empire owned by real estate billionaire René Benko.
The network of firms in Benko’s Signa group not only borrowed from banks including Julius Baer and UniCredit, but also relied heavily on funding from more than half a dozen insurers, according to documents reviewed by the Financial Times and people with first-hand knowledge of the details.
The people added that about a third of this exposure was not backed by any collateral. “For some insurers, this will be extremely painful,” one of the people said.
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