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S&P lowers ratings on several European insurers, subsidiaries

S&P lowers ratings on several European insurers, subsidiaries

LONDON—Standard & Poor's Corp. on Tuesday lowered its ratings on several European insurers and some of their subsidiaries.

The moves came less than a week after S&P lowered its ratings on nine eurozone member countries.

On Tuesday, S&P lowered the ratings on Allianz S.p.A., Mapfre Group and Millenniumbcp-Ageas Group by two notches. It lowered the ratings of Caisse Centrale de Reassurance and Nacional de Reaseguros S.A. by one notch. S&P assigned a negative outlook to the insurers.

In addition, S&P lowered the ratings on Societa Cattolica de Assurazione, Generali Group and Unipol Group by one notch and kept them on review with negative implications.