Enron's failure has cost the investment portfolios of several insurers over $3bn (£2.1bn), ratings agency AM Best has said.

It said, in a statistical study, that the life and health insurance industry had a market-value investment of $2.8bn (£32bn) with Enron, as of 30 September 2001.

The P&C industry had a market-value investment of $604m (£426m) with Enron, for the same period. Both sectors' investments were mainly in corporate bonds.

Companies with the largest exposures included John Hancock Financial Services, Swiss Re, Hartford Financial Services, St. Paul Companies and Reinsurance Group of America.

Topics