CDSs tighten on insurers

The cost of credit protection on insurance firms continued to fall in early trading today, while spreads widened on eastern European sovereigns.

Five-year senior credit default swap (CDS) spreads referencing ING's Amsterdam-based insurance arm, ING Verzekeringen, were down 17bp at 10:30am London time to 173bp in from 190bp at the close of trading yesterday, according to data from credit information specialist CMA DataVision.

Spreads on Swiss firm Zurich Insurance were in to 104.2bp from 113.1bp, while spreads on Paris-based AXA moved to 146.2bp from 158.4bp.

In the UK, CDSs referencing London-based financial services company Legal &

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