Gavin Magor joined TheStreet.com Ratings in 2008, and is the senior analyst responsible for assigning financial strength ratings to health insurers and supporting other health care-related consumer products, including Medicare supplement insurance, long-term care insurance and elder care information. He conducts industry analysis in these areas. He has more than 20 years' international experience in credit risk management, commercial lending and analysis, working in the U.K., Sweden, Mexico, Brazil and the U.S. He holds a master's degree in business administration from The Open University in the U.K.



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Moody's expects $375 billion in losses in the $3.5 trillion commercial mortgage and commercial mortgage-backed securities markets in the next 18 months. Standard & Poor's predicts "unprecedented stress" in those markets.


Life insurers held $328 billion in commercial mortgages at the end of December. Prudential Financial(PRU:NYSE) is more exposed than most, with $32 billion in mortgage loans representing 296% of the company's capital and surplus plus reserves. But does it matter?

The following is a breakdown of insurers and their mortgage loans:

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