0129 GMT - Insurance Australia Group shakes its bear at Macquarie on the settlement of legal proceedings brought by Credit Suisse. Raising their recommendation to neutral from underperform, one of the investment bank's analysts tells clients that the settlement represents a material derisking event. The analyst writes in a note that residual litigation risk from other proceedings appears minor and that the related overhang on the stock is largely resolved. They don't think that the insurer's half-year dividend will be affected by the settlement. Macquarie raises its recommendation on the stock by 15% to 8.20 Australian dollars. Shares are down 1.2% at A$7.75.
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