Insurers react to S&P downgrade warning
Axa, Aviva and Allianz have responded to the news that insurers could face a downgrade in their credit ratings by highlighting the link to the negative watch recently placed on Eurozone member countries.
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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