July 18, 2007 (LPAC) – The U.S. sub prime crash is now hitting European insurance companies, although the reported exposure is (relatively) small. Two Dutch-based insurers, Aegon and ING (BAE linked) each hold some $4 billion in US sub prime mortgage assets, and the UK insurer Prudential about $200 million worth of market exposure, The Times reported today. France's Axa also faces losses, but the amount is not specified. This report came out just after the Bear Sterns admission that its hedge funds are worth nothing, based on estimations from stockbroker firm Sanford Bernstein. While projecting "limited" losses in sub prime, Bernstein analyst Bruno Paulson said that "It is possible that there will be some hits to the insurers from sub-prime losses, while a more general credit deterioration, be it in prime mortgages or corporate credit, would clearly affect their profitability."