Insurers react to S&P downgrade warning

european-central-bank

Standard & Poors (S&P) has warned that 15 insurers could be downgraded by one rating notch in light of their exposure to euro sovereign debt and the potential impact on capital adequacy.

The move came after the credit rating agency made a similar announcement on Monday 5 December in which it said it may downgrade the credit status of Eurozone member countries including France and Germany.

Mark Churchlow, chief financial officer at Allianz Insurance, commented: "We would like to reassure our

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