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Nov 2011 S&P is threatening to downgrade giant composite insurers including Ace, Allianz, Aviva, AXA, Generali, XL and Zurich. According to the agency, the stiffening investment conditions is likely to compromise the appropriateness of their shareholder’s equity. S&P has stated that the adjusted shareholder’s equity of AA rated insurers has gone down by 10% and even 15% in average since June 2011. Moreover, the very high exposure of these insurers to sovereign debts through their securities portfolio is adding more pressure.