S&P Indicates U.S. Insurers Have Minimal Exposure to Argentine Default
As Argentina’s debt crisis continues to deepen, international credit rating agency Standard & Poor’s issued a statement indicating that “U.S. insurers have negligible exposure to further defaults by the Republic of Argentina on its debt obligations.”
S&P’s report determined that “no single insurer has more than 3% of its total bond portfolio invested in debt issued by the republic. Aggregate exposure of U.S. insurers is $709 million, spread across 43 life companies.
In fact S&P stated that only the life insurance sector currently carries any Argentine debt. It downgraded its ratings of the republic’s long-term local and foreign currency to ‘SD’ (selective default) from double-‘C’ on November 6.
Popular Today
- New Book Proposes Four-Prong Legal Strategy to Negate Nuclear Verdicts
- People Moves: Consilium Taps Carpenter’s Coleman for C-Suite After Co-CEO Baird Suddenly Exits; Everest Promotes Shaw as Chief Commercial Officer of Int’l Division
- Travelers Q2 Net Income Soars on Less Losses, Favorable Reserves
- Lawsuit Challenges Florida’s Citizens Claims Arbitration by Administrative Judges