Portuguese insurers shielded from sovereign risk, claims regulator


On April 27, rating agency Standard & Poor's (S&P) downgraded Portugal's sovereign debt two notches from A+ to A–, while Moody's and Fitch placed Portuguese sovereign issuance on negative watch – the first step towards downgrade. However, the country's insurance and pension regulator, Instituto de Seguros de Portugal, told Life & Pension Risk that the typical Portuguese life company held only 5% of its portfolio in local sovereign bonds, and around 18% in total in Eurozone debt.

"Due to the

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