European Insurers face downgrades amid continuing sovereign debt crisis

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More European insurers have seen their ratings downgraded as the eurozone crisis piles further pressure on capital levels.

Generali's non-core German subsidiaries have been downgraded by Fitch Ratings, while Groupama's rating has been downgraded by Standard & Poor's (S&P).

Fitch downgraded the financial strength ratings of Generali Deutschland subsidiaries Advocard Rechtsschutzversicherung, a legal expenses insurer, and life insurer Dialog Lebensversicherungs to A- from A+. Another subsidiary

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