S&P places European insurers on CreditWatch

Standard & Poor's said it placed its ratings on the following insurers and certain related operating subsidiaries and holding companies on CreditWatch with negative implications:

• Allianz Group, including the Euler Hermes group;

• Aviva Group;

• Axa Group;

• Caisse Centrale de Reassurance;

• CNP Group;

• Generali Group;

• Irish Public Bodies Mutual Insurances Ltd.;

• Mapfre Group;

• Millenniumbcp-Ageas Group;

• Nacional de Reaseguros SA;

• Pozavarovalnica Sava d.d.;

• RSA Insurance Ireland Ltd.;

• Societa Cattolica di Assicurazione;

• Triglav Group; and

• Unipol Group.

S&P said the CreditWatch placements come in the wake of the Dec. 5 placement of its ratings on 15 of the 17 euro zone member countries on CreditWatch with negative implications. The downside risk associated with the potential sovereign rating actions is one notch in the case of Austria, Belgium, Finland, Germany, Luxembourg, and the Netherlands and two notches in all other cases.

The bias of insurance ratings in the euro zone and Europe as a whole remains negative, the agency said.

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