Swiss Re: posts nine-month loss as US hurricanes weigh.
(CercleFinance.com) - Swiss Re posted a nine-month loss due to big claims following the hurricanes in the US and the earthquakes in Mexico.
The Swiss reinsurer posted a net loss of 468 million dollars for the first nine months of 2017, compared to a net income of 3 billion dollars for the same period in 2016.
Swiss Re said it had 3.6 billion dollars of expected insurance claims from hurricanes Harvey, Irma, Maria, and the Mexico earthquakes.
The group said it still maintained a very strong capital position and high financial flexibility, prompting the launch of a public share repurchase program of up to 1 billion Swiss francs in November 2017.
The Swiss Re shares listed in Zurich were down just 0.3% at 93.5 Swiss francs after the report.
Copyright (c) 2017 CercleFinance.com. All rights reserved.
The Swiss reinsurer posted a net loss of 468 million dollars for the first nine months of 2017, compared to a net income of 3 billion dollars for the same period in 2016.
Swiss Re said it had 3.6 billion dollars of expected insurance claims from hurricanes Harvey, Irma, Maria, and the Mexico earthquakes.
The group said it still maintained a very strong capital position and high financial flexibility, prompting the launch of a public share repurchase program of up to 1 billion Swiss francs in November 2017.
The Swiss Re shares listed in Zurich were down just 0.3% at 93.5 Swiss francs after the report.
Copyright (c) 2017 CercleFinance.com. All rights reserved.