Pru, Aviva pounce as Swiss Re, AIG credit loss worsens

News

UK insurers led by Prudential and Aviva have taken advantage of distressed conditions in the credit markets to make significant investments, at the same time as AIG and Swiss Re have reported further subprime-related writedowns. According to the Prudential's head of portfolio management, John Betteridge, "We have been making meaningful purchases of leveraged loans and mortgage assets."

Although Betteridge declined to give numbers, he said that the purchases had been significant enough to have req

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