Standard & Poor's Ratings Services has said it has placed 10 insurance and reinsurance groups on CreditWatch with negative implications.
The groups which include Ace, Lloyd's and Swiss Re have been placed on CreditWatch as a result of their exposure to the catastrophic and unparalleled losses stemming from Hurricane Katrina.
Standard & Poor's credit analyst Steven Ader, said: "Today's CreditWatch placements highlight the continued material uncertainty in accurately quantifying the insurance industry's ultimate exposure. However, downgrades are not inevitable."
Standard & Poor's will be meeting shortly with the managements of the companies placed on CreditWatch today and expects to resolve the status of most of today's listings within 90 days.
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