Allianz Not Worried About Italy

"We are not worried about Italy, we think this is a panic and unfounded fear," Oliver Baethe, chief financial officer at Allianz told CNBC. He added Allianz's exposure to the peripheral debt was now "fairly limited." "We have about 5 billion euros in exposure to the peripheral countries, the largest one of that left is Spain. On all the other ones its much smaller the net unrealised losses on all of the periphery portfolio is around 700 million," he said.