Despite a number of high-profile departures from the market, insurers and re-insurers continue to account for hefty volumes in the credit derivatives market.

Earlier this month, Scor, the French re-insurer, said it had reduced its exposure to less profitable areas including credit derivatives, while the US insurer Financial Security Assurance (FSA) reported a $16m (€16m) hit on its credit derivative portfolio in July. It is also reported to be leaving the market.