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November 13, 2001 at 07:00 PM
NU Online News Service, Nov. 13, 9:25 a.m. – U.S. insurers have little exposure to further bond defaults by the Republic of Argentina, according to Standard & Poor’s, New York.
No single U.S. insurer has more than 3% of its total bond portfolio invested in debt issued by the republic, S&P says.
Aggregate exposure of U.S. insurers is only $709 million, spread across 43 life insurance companies.
Life insurers are the only U.S. insurance companies that maintain any investments in Argentine debt.
At the end of 2000, foreign long-term bonds made up about 14% of U.S. life insurance bond portfolios.
S&P gave Argentina’s long-term local and foreign currency sovereign credit the rating of SD (selective default) Nov. 6, after the country defaulted on some debt obligations.
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