S&P downgrades European insurers including Mapfre, CCR and Generali
Standard & Poor's (S&P) has cut the ratings of several European insurers, including Spain's Mapfre Group, France's Caisse Centrale de Reassurance (CCR), and Italy's Generali, after downgrading nine Eurozone member governments last week.
The firm warned that, with a number of companies still on CreditWatch or under review, a further round of downgrades could take place in the coming weeks.
The ratings agency said that it has cut ratings on Mapfre Group, Allianz's Italian subsidiary Allianz SpA, and Portugal's Milleniumbcp-Ageas...
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