JPMorgan notes Europe's insurers own €300B of Italian paper, about 2/3 of their entire...

|By:, SA News Editor

JPMorgan notes Europe's insurers own €300B of Italian paper, about 2/3 of their entire shareholder's equity. Shares in the sector have sold off recently and may seem cheap, but still trade near book value. An Italian default or exit from the euro coupled with devaluation would leave the group with devastated assets, but no fall in liabilities.