Insurers safe from Greek writedown - Fitch

Insurers are able to cope with the writedown on their Greek bonds, Fitch says.

Fitch says that the insurers it rates currently hold Greek bonds at around 20% to 25% of their historical/amortised costs and would probably not incur further losses from the debt swap.

Insurers have also de-risked their balance sheets, Fitch says.

Fitch said: “Even in the event of a further default and write-downs in the future, we believe the sector as a whole would be able to cope with a complete write-off of all Greek sovereign debt.”