European insurers would need regulatory action to survive Greek default

Fitch Ratings stress test concludes that eight european insurers would require "further analysis" after sovereign risk fallout

Special regulatory action would be required to prevent the insolvency of some European insurers in the event of a eurozone sovereign bond crisis that included a Greek default, according to a stress test by rating agency Fitch.

Although the agency made no changes to its ratings of European insurers as a result of the stress test, it singled out Portuguese insurer Occidental, London-based Amlin, Belgian bancassurers AG and Athias and Italian insurers Fondiara, Società Reale Mutua di Assicurazioni