A major bond insurer, FGIC Corp, didn’t manage to raise enough capital to compensate for losses on subprime mortgage guarantees. It led to its loss of Aaa insurance rating at Moody's Investors Service. The losses are estimated at about $2 billion.

Safeco Corp, property casualty insurer, reported fell by nearly a third in the fourth quarter due to competition in auto insurance and losses from California wildfires.

Belgium's biggest financial- services company Fortis said it meets capital and solvency requirements even when its holdings in subprime collateralized debt obligations are valued under “very stringent scenarios.''