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Moody's warns Italian insurers hold too much sovereign debt

'Significant concentration risk' says ratings agency

05 December, 10:42
Moody's warns Italian insurers hold too much sovereign debt (ANSA) - Rome, December 5 - Moody's warned Italy's insurance companies on Thursday for holding too many State bonds. "They have a significant concentration risk in sovereign bonds and the quality of their assets are dependent, to a large extent, on the quality of Italian sovereign credit," said the ratings agency.

More than 50% of Italian insurers' assets - at around 240 billion euros as of September 30 - are invested in sovereign debt, Moody's noted.

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