News releases

After today’s decision by the Federal Reserve to maintain the target fed funds rate at zero to 25 basis points, Swiss Re’s Chief Economist, Kurt Karl, commented: “Weak economic activity, moderating inflation and fiscal tightening will keep the Fed on hold through mid-2013, perhaps longer.”

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Swiss Re's Board of Directors appoints Michel M. Liès, currently Chairman Global Partnerships at Swiss Re, as new Group Chief Executive Officer as of 1 February 2012. Michel M. Liès succeeds Stefan Lippe.

The Board of Directors also announces that Moses Ojeisekhoba will join Swiss Re as CEO Reinsurance Asia and Regional President Asia, effective 15 March 2012. Martyn Parker, currently CEO Reinsurance Asia, will return to Europe.

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Much of the world is still vastly underinsured against earthquake risk, study finds
Underinsurance often due to low risk awareness in earthquake-prone areas
Earthquake models should consider secondary-loss factors more comprehensively

According to Swiss Re’s latest expertise publication “Lessons from recent major earthquakes”, several big earthquakes resulted in a devastating number of fatalities and injuries and have caused widespread property damage over the past two years. The cumulative catastrophic impact of earthquakes on society is overwhelming. Seismic events caused economic losses of over USD 276 billion in 2010 – 2011, yet highly earthquake-prone countries remain underinsured.

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The world’s vulnerability to further economic shocks and social upheaval risk undermining the progress that globalization has brought, warns the World Economic Forum in its Global Risks 2012 report, the seventh edition, published today.

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Swiss Re Capital Markets has participated in the successful placement of CAD 120 million of notes issued by Vecta I Ltd. (“Vecta”), marking the first securitization of Canadian life insurance embedded value. The transaction is sponsored by Aurigen Reinsurance Ltd. ("ARL") and covers a portfolio of policies reinsured by ARL prior to 31 December, 2010.

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Strong growth in emerging markets so far, driven by a favourable economic and regulatory environment
Promising outlook though profitability poses a challenge

Insurance in emerging markets has experienced strong growth over the past decade and the outlook for the next decade remains promising. Nonetheless, given the expectation of persistent low interest rates at least in the near future, achieving profitable growth will become increasingly challenging in emerging markets.

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2011 will be the year with the highest catastrophe-related economic losses in history, at USD 350 billion
2011 would have been the costliest year ever for the insurance industry if Japan had been more fully insured

According to preliminary estimates from Swiss Re’s sigma team, total insured losses for the global insurance industry from natural catastrophes and man-made disasters reached USD 108 billion in 2011. This is more than double the figure of USD 48 billion in 2010. Claims from natural catastrophes alone reached USD 103 billion in 2011, compared to only USD 43 billion last year.

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Swiss Re's Board of Directors announces that Stefan Lippe has decided to step down as Chief Executive Officer of Swiss Re in the course of 2012. A successor is planned to be appointed soon.

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There is much more to innovation in non-life insurance than people think. Although a changing environment continuously forces the industry to rethink its covers, insurers are often perceived as slow to embrace product innovation. This is because the nature of innovation in insurance is usually incremental and transaction-led. Insurers are constantly trying to discover new classes of risk protection, but they always need to be cautious not to overstep the boundaries of insurability.

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Asia’s insurance market will see sustained growth in 2012, with emerging markets continuing to outpace developed markets
Life insurance premiums in Asia are projected to grow by 4.4% (0.6% in 2011) in real terms, fuelled by rebounds in China and India and expected increased demand for traditional protection-type products
Non-life insurance premiums in Asia are forecasted to grow at a slower rate of 6.0% (8.1% in 2011) in real terms, aligned with moderately slower economic growth

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Swiss Re estimates claims costs of USD 600 million, net of retrocession and before tax
Estimates remain subject to significant uncertainty due to complexity of loss assessment

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Weak economic growth in 2012 will dampen prospects for insurance industry, but outlook is better for 2013
Insurance industry has restored capitalisation beyond 2007 levels
Significant catastrophic losses in non-life business have led to a hardening of reinsurance rates
Growth of life business will recover in 2012 and 2013, but low interest rates will negatively impact profitability
Emerging markets remain growth engines

Swiss Re’s economists say the environment for the insurance industry remains very challenging but expect a more positive outlook, particularly after 2012. This is the main finding of Swiss Re’s latest publication “Global insurance review 2011 and outlook for 2012 and 2013”, presented at the Swiss Re Economic Forum in London. The insurance industry has successfully restored its capital base to a higher level compared to the beginning of the financial crisis. Large catastrophic losses, but also low investment yields, will lower profitability this year, and weak economic growth in the mature markets will constrain life and non-life premium expansion. But non-life profits will improve again after markets harden, probably late next year. Premium growth for both life and non-life will grow in 2012 and further increase in 2013. Growth in emerging markets for both the life and non-life industries is expected to be in the range of 7-9% for 2012.

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Renewable energy sector faces significant operational, regulatory and financial risks
Cuts in government financial support in some countries call into question future development of the sector
Growing risks in renewable energy are driving future demand for insurance

The renewable energy sector needs to improve risk management and access alternative sources of capital as operational risks rise and governments cut funding due to the uncertain economic environment. Based on a survey of 284 senior-level renewable energy executives, a new report by the Economist Intelligence Unit (EIU) and sponsored by Swiss Re canvasses the risks in financing, constructing and operating renewable energy projects as well as the risk management challenges that the renewable energy industry must confront.

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Swiss Re announces the delisting and squeeze-out of outstanding shares in Swiss Reinsurance Company Ltd (“SRZ”) following the exchange offer launched in April as part of establishing its new corporate structure. The Commercial Court of the Canton of Zurich has declared invalid all SRZ shares of the remaining minority shareholders.

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Oxfam America, Swiss Re and the International Research Institute for Climate and Society (IRI) announced today that their innovative microinsurance program for small scale farmers in Northern Ethiopia had its first successful payout to affected policyholders this past weekend. They were joined by their partners, the Relief Society of Tigray, Dedebit Credit and Savings Institution, Nyala Insurance Company, and Africa Insurance Company, in making the announcement.

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Consumers aware of need for financial provision for themselves in the future
Industry needs to do more to put products higher on consumers’ agenda and to improve access
Complex products and affordability still a barrier

Although there is a marked change in consumer awareness towards the need for greater self-reliance and financial protection, Swiss Re’s latest edition of the Insurance Report entitled “Facing life’s responsibilities”, shows that consumers are delivering an austere self-assessment of their financial exposures. Swiss Re calls on industry and government to focus on improving access to straightforward advice and on simplifying products to build trust, before considering how messages are delivered.

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Swiss Re has obtained a further USD 130 million in protection through the Successor X Ltd. ("Successor X") catastrophe bond programme covering North Atlantic hurricane and European windstorm. The transaction marks the fifth time that Swiss Re has used the Successor X programme to transfer risks into the capital markets.

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Swiss Re reports a net income of USD 1.3 billion in the third quarter of 2011 (vs USD 0.6 billion in the prior-year period). All segments contributed to these results, which were supported by a moderate natural catastrophe experience and positive one-offs. Return on equity was 20.5% (vs 9.5% in the prior-year period), ensuring Swiss Re remains well on track to achieving its 2011– 2015 financial targets.

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Many public and private employer pension funds have under-reserved for longevity risk, a new Swiss Re Economic Research & Consulting report reveals. Annuity books of business also carry longevity risk. The report, “Longevity risk and protection for Canada,” explains that, fortunately, there are longevity re/insurance solutions to help these bodies address their exposure when funding citizens’ longer lives.

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Swiss Re Capital Markets has successfully structured and placed EUR 180 million of notes issued by Calypso Capital Ltd. (“Calypso”) covering European windstorm events. Calypso is a special-purpose company incorporated in Dublin, Ireland. This is the second issuance under the EUR 1.5 billion Calypso Capital programme. The transaction sponsor is AXA Global P&C, an internal AXA group reinsurance company that also oversees AXA’s global P&C operations.

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USAID and Swiss Re today announced a three-year partnership to help vulnerable communities fight hunger, build resilience to climate change, and reduce the costs of natural disasters in the Americas, Africa and Asia.

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Robert Henrikson proposed for election to Board of Directors of Swiss Re Ltd at its next Annual General Meeting in April 2012
Swiss Re Group names Regional Presidents at Executive Committee level, effective 1 January 2012

Swiss Re's Board of Directors will propose Robert Henrikson, Chairman and former Chief Executive Officer of MetLife, Inc., for election to the Board at its next Annual General Meeting on 13 April 2012. If successfully elected, he will succeed Robert A. Scott who will resign from the Board after reaching retirement age.

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Haiti’s women entrepreneurs will be first in the world to receive rapid insurance payments for income lost by their micro-businesses due to cholera. This programme, along with a five-year, multi-million dollar initiative to help farmers in Senegal boost their food and income security, were announced today at the Clinton Global Initiative (CGI) Annual Meeting by Swiss Re and its CGI partners as their commitments for 2012.

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Swiss Re expects continued improvement in P&C underwriting conditions
Record low interest rates were biggest shock for the industry over the past three years
Swiss Re ideally positioned for exciting new business opportunities due to underwriting and risk understanding, excellent capitalisation and innovation power

Cedents and clients can benefit from the strength and integrity of the re/insurance business model especially in an environment of economic turmoil and regulatory change, Swiss Re tells at the annual Rendez-vous de Monte Carlo meeting of re/insurers.

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Based on first half 2011 events:

2011 will be the year with the highest insured earthquake losses in history
2011 ranks already as the second costliest year for insured catastrophic losses

According to preliminary sigma estimates, total insured losses for the global insurance industry from natural catastrophes and man-made disasters reached an estimated USD 70 billion in the first half of 2011. This is more than double the figure of USD 29 billion for the first six months of 2010. Claims from natural catastrophes alone reached USD 67 billion in the first half of 2011, compared to USD 27 billion in the same period of last year.

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Swiss Re today published a study, Mortality Protection Gap: Asia-Pacific 2011, which finds that the aggregate mortality protection gap across 12 Asian markets expanded significantly from USD 16 trillion in 2000 to USD 41 trillion in 2010 (see figure 1), representing an average growth of 10% per year. This is the first study of its kind featuring multiple Asia-Pacific markets.

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15 years after its inception, the market for insurance-linked securities (ILS) is poised for continued growth as re/insurers, governments and corporations continue to access capital market solutions to finance growth, manage their capital and transfer risks related to natural catastrophes and other extreme events, according to Swiss Re's latest publication.

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The substantial increases in life expectancy witnessed in recent decades have been consistently underestimated, a new Swiss Re research report reveals. The good news that people are living longer has brought with it a massive pension shortfall, which has been exacerbated by traditional methods of forecasting longevity not taking account of certain emerging trends.

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More and more governments are leveraging private insurance skills and the growing capacity of the sector to cover catastrophe losses as well as a wide range of other risks, Swiss Re reveals in its latest sigma research publication. The Japanese earthquake tragedy earlier this year caused more than USD 200 billion in total property losses, but only USD 30 billion was covered by private insurance. In contrast, private insurers will pay about USD 9 billion of the USD 12 billion in total property losses from the recent Christchurch, New Zealand earthquake.

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In Oslo today, Swiss Re, a leading reinsurer in the Nordic markets, will use its flagship Nordic Risk & Insurance Summit (NORIS™) conference to warn that the economic environment in the wake of the financial crisis is still very challenging and turbulent. The industry is moving from coping and survival to fixing profitability, product development, risk management and maximising capital efficiency. Many life companies still have a heavy focus on savings-type products with expensive guarantees. Refocusing after the crisis will have massive consequences for cash flow, product distribution, and the skills needed to run these firms. But there will also be new business opportunities.

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Swiss Re announced it has submitted an application to the Superintendence of Private Insurance (SUSEP) for a local reinsurance registration.

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After today’s decision by the Federal Reserve to maintain the target Fed funds rate at zero to 25 basis points, Swiss Re’s chief US Economist, Kurt Karl, commented: “Economic activity and employment growth have slowed substantially this year, which will delay the initial rate hike by the Fed perhaps even until mid-2013 as they indicated.”

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Swiss Re announces the successful transfer of USD 180 million of extreme mortality risk to the capital markets through the Vita securitization programme.

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Swiss Re reports a Group net income of USD 960 million in the second quarter of 2011, compared to income of USD 812 million in the same period of 2010. All segments contributed to these positive results, which translate into a return on equity of 15.6%.

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Following the creation of the new listed holding company Swiss Re Ltd (SRL), Swiss Re has applied for and received from SIX Swiss Exchange an exemption from various disclosure requirements for the former holding company, Swiss Reinsurance Company Ltd (SRZ).

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A study reveals that:

Asia Pacific’s Generation X and Y of 20 to 40 year olds have become slightly less willing to take risks over the past two years.
They have strong needs for insurance and financial planning, fuelled by worry about medical expenses and the risk of living longer.
Perceived cost is a barrier to buying insurance; whereas life insurance is in general quite affordable and within the price they are willing to pay.
For the Asia-Pacific insurance industry, the 20 to 40 year olds are not only the future buyers of insurance, but also represent tremendous business opportunities now.

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Global premium volume rose solidly in 2010, driven by economic growth, rebound in capital and solvency
Emerging countries continued togain in importance - China became the 6^th largest insurance market
Investment income suffered from low interest rates

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Europe is witnessing a dramatic increase in property damage as a result of soil subsidence. Climate change could magnify those risks, a new Swiss Re publication shows. A new loss model developed by Swiss Re and the Swiss Federal Institute of Technology (ETH Zurich) suggests that soil subsidence will worsen and spread in Europe, with some areas seeing a more than 50% rise in future losses.

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Swiss Re is completing adjustments to its leadership structure to reflect the company’s new legal entity set-up. Stefan Lippe will continue to lead the Group as Chief Executive Officer of Swiss Re Ltd. Christian Mumenthaler becomes CEO of its reinsurance subsidiary, Swiss Reinsurance Company Ltd (SRZ).

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The Directors of Swiss Re Group and the Directors of Swiss Re America Holding Corporation today announced that J Eric Smith will join Swiss Re as President and CEO, Americas effective July 11, taking over from Pierre Ozendo who retires this year after more than 35 years in the insurance industry.

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Swiss Re announced today at the Forum for Agricultural Risk Management conference that it is joining Oxfam America and the World Food Programme (WFP) as a Founding Sponsor of the R4 initiative and exclusive re-/insurance sector member of the Strategic Advisory Board. This is a ground-breaking new initiative to help poor rural communities protect their crops and livelihoods from the impact of climate change. Under the agreement, Swiss Re is committing USD 1.25 million to the project over five years in Ethiopia and three other countries.

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Swiss Re announces that more than 98% of shares in Swiss Reinsurance Company Ltd (“SRZ”) are held by or have been tendered to Swiss Re Ltd (“SRL”). SRL will file a request with the competent court to invalidate the remaining SRZ shares.

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At the end of the additional acceptance period on 7 June 2011, 16.00 CEST, 97.9% of shares in Swiss Reinsurance Company Ltd (“SRZ”) are held by Swiss Re Ltd (“SRL”).

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Swiss Re will acquire approximately 300 000 policies and GBP 1.6 billion in assets from American Life Insurance Company. The transaction demonstrates Swiss Re's commitment to strengthening its Admin Re® market presence.

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Swiss Re Ltd (“SRL”) waives the minimum acceptance condition of the exchange offer, and declares the exchange offer successful following the tender of 86.3% of the publicly held shares of Swiss Reinsurance Company Ltd (“SRZ”). In line with legal requirements, an additional acceptance period will be provided from 24 May to 7 June 2011. The SRL shares will start trading on the SIX Swiss Exchange on 23 May 2011 under the ticker symbol SREN.

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Swiss Re reports a net loss of USD 665 million for the first quarter of 2011, compared to a profit of USD 158 million in the same period of 2010. Property & Casualty was impacted by a very high level of natural catastrophe claims, including the earthquakes in Japan and New Zealand and the floods in Australia.

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After today’s decision by the Federal Reserve to maintain the target Fed funds rate at zero to 25 basis points, Swiss Re’s chief US Economist, Kurt Karl, commented: “Economic activity and employment growth are expected to accelerate in the second half of this year, paving the way for the Fed to raise interest rates early next year.”

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At Swiss Re’s Annual General Meeting in Zurich today, the company’s shareholders approved all resolutions put forward by the Board of Directors. Raymund Breu, Mathis Cabiallavetta, Raymond K. F. Ch’ien, Rajna Gibson Brandon and Hans Ulrich Maerki were re-elected to the Board. Furthermore, the shareholders elected Renato Fassbind as a new non-executive, independent member of the Board.

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Swiss Reinsurance Company Ltd (Swiss Re) today announced that it has completed its capitalisation of UBF Seguros, S.A. (UBF Seguros), a Brazilian commercial insurer. The transaction was completed in conjunction with the International Finance Corporation (IFC), a member of the World Bank Group. Swiss Re is now the majority shareholder of UBF Seguros and the IFC its sole minority investor.

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Swiss Re International SE Japan Branch (SRIJ), a member of Swiss Re Corporate Solutions, today announced it has received a non-life insurance licence from the Financial Services Agency (FSA) and started its operations on 1 April. The newly licensed branch will provide direct insurance to large corporate clients and offer a broad range of property and casualty industry-specific products, backed by the financial strength and expertise of the Swiss Re Group.

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According to Swiss Re’s latest sigma study, worldwide economic losses from natural catastrophes and man-made disasters were USD 218 billion in 2010, more than triple the 2009 figure of USD 68 billion. The cost to the global insurance industry was more than USD 43 billion, an increase of more than 60% over the previous year. Approximately 304 000 people died in these events, the highest number since 1976.

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A project to establish the sustainable management of the Chon-Aksuu River watershed in Central Asia has won the 9th Swiss Re International ReSource Award 2011. The project, submitted by the Regional Environmental Centre for Central Asia (CAREC) will receive prize money of USD 100 000. The award was handed over at Swiss Re's headquarters in Zurich today.

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The Swiss Re Board of Directors proposes the approval of a dividend for 2010 of CHF 2.75, an increase of 175% compared to 2009, reflecting Swiss Re's improved capital base and profitability. The Board of Directors also recommends Renato Fassbind be elected to the Board for a three-year term. Shareholders will be invited to vote on these and other proposals at the 147th Ordinary General Meeting to be held on Friday, 15 April 2011, in Zurich, Switzerland

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Swiss Re estimates claims costs of USD 1.2 billion, net of retrocession and before tax, from the earthquake and the tsunami in Japan. These estimates are subject to a high degree of uncertainty as the event continues to unfold, making loss assessment particularly challenging.

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Swiss Re is committed to the Japanese insurance market and to supporting the country's recovery from the devastating earthquake and tsunami which claimed many lives last week.

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Maurizio Valsecchi appointed Market Executive and Managing Director for Swiss Re in Italy.

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Swiss Re today announced that, based on current information, it provisionally estimates its claims cost from the earthquake in New Zealand on 22 February 2011 to be approximately USD 800 million, net of retrocession and before tax. The total insured claims for the insurance sector for the earthquake in New Zealand are estimated to be between USD 6 billion to USD 12 billion.

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Swiss Re has obtained another USD 305 million in protection through the Successor X Ltd. ("Successor X") catastrophe bond programme, covering North Atlantic hurricane and California earthquake risks. The transaction is the fourth time that Swiss Re has used the Successor X programme to transfer specific risks into the capital markets, freeing up capacity to allow the company to take on more risks from clients.

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Swiss Re reports strong results for 2010, reflecting the sustained earnings power of its business and the strength of its client franchise. The company achieved full-year net income of USD 863 million and earnings per share of USD 2.52. Swiss Re plans to establish a new corporate structure under a newly-formed holding company, increasing its client focus, improving the transparency and accountability of its businesses, and creating greater flexibility.

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Public-private partnership solutions can substantially ease the financial burden natural disasters put on government budgets. The economic costs of natural catastrophes have risen from an average USD 25 billion per annum in the 1980s to USD 130 billion in the 2000s. With climate change unfolding, catastrophic events such as hurricanes, floods and droughts are likely to increase further, hitting in particular emerging markets and developing countries.

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After today’s decision by the Federal Reserve to maintain the target fed funds rate at zero to 25 basis points, Swiss Re’s chief US Economist, Kurt Karl, commented: “Though economic activity has picked up, the unemployment rate will be elevated throughout 2011, so the Fed will be on hold this year and re-evaluate its near-zero interest rate policy early next year.

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Swiss Re’s economist predicts sustained strong growth in Asia's insurance industry in 2011, with emerging markets continuing to outpace mature markets. Life and non-life insurance premiums in emerging Asia grew strongly by 16.8% and 17.3% respectively, in real terms in 2010, with significant contribution in particular from China. Such strong momentum is expected to continue in 2011; but there are emerging risks to watch out for.

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The World Economic Forum today released Global Risks 2011, its annual report on the most significant and underlying global risks facing the global economy this year and beyond.

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Swiss Re Capital Markets has successfully structured and placed EUR 75 million of notes issued by Green Fields Capital Limited (“Green Fields”) covering French windstorm events. Green Fields is a newly established Irish special purpose company incorporated with limited liability.

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Swiss Re has obtained another USD 170 million in protection through the Successor X Ltd. catastrophe bond programme, covering Australia earthquake, North Atlantic hurricane and California earthquake risks. The combination of Australia earthquake risk with US peak natural catastrophe risks is a unique structure that provides additional diversification to the ILS market.

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Swiss Re today announced the transfer of USD 50 million of longevity trend risk to the capital markets through the Kortis Capital Ltd. ("Kortis") securitisation programme.

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Swiss Re’s latest sigma study “Microinsurance - risk protection for 4 billion people” emphasises the relevance of microinsurance as an effective and viable risk management solution for low-income individuals. Microinsurance, which has the potential to cover up to 4 billion people, concentrates on few risks today, but its scope is broadening. The interest of insurers in microinsurance lies very much in its future potential.

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After today’s decision by the Federal Reserve to maintain the target fed funds rate at zero to 25 basis points, Swiss Re’s chief US Economist, Kurt Karl, commented, “The likelihood of stronger growth and higher inflation has increased somewhat along with the probability of further fiscal stimulus. Nevertheless, the Fed is intent on stimulating economic activity sufficiently to lower the unemployment rate, so it will remain on hold through all of 2011."

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Swiss Re has obtained USD 106.5 million in coverage against North Atlantic hurricane, European windstorm, Californian earthquake, Japanese earthquake and Japanese typhoon through a natural catastrophe protection programme named Vega Capital Ltd (“Vega”).

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Swiss Re's economists predict that growth in the insurance and reinsurance industry will continue to accelerate in 2011 but warn that financial turmoil could derail the global economic recovery. Industry capitalisation exceeds pre-crisis levels; premiums are growing in most segments and most countries; and many emerging market countries are performing particularly well. Profitability is set to remain under pressure, however, since investment returns are dampened by low interest rates. (Re)insurers will need therefore to maintain underwriting discipline. Looking ahead, a key problem is that regulatory factors will force insurers into low-yielding government bonds, increasing the risk that they miss out on a market upturn.

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According to initial estimates from Swiss Re’s sigma team, worldwide economic losses from natural catastrophes and man-made disasters were USD 222 billion in 2010, more than triple the 2009 figure of USD 63 billion. The cost to the global insurance industry was USD 36 billion, an increase of 34% over the previous year. Approximately 260 000 people died in these events, the highest number since 1976.

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Investment performance has become the number one concern for many insurers in the wake of the financial crisis and amid a changing regulatory environment. Swiss Re's latest sigma study "Insurance investment in a challenging global environment” cautions that a low yield environment coupled with tighter regulatory standards could hamper insurers’ investment returns, leading to lower profits for the industry and higher rates for policyholders.

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Swiss Re today announced the launch of a discussion paper titled “Making Flood Insurable for Canadian Homeowners.” The study, released by the Institute for Catastrophic Loss Reduction (ICLR) and supported by Swiss Re, outlines the steps and solutions to resolve the problem of Canadian homeowners being unable to purchase insurance for overland flood damages.

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Rice farmers in Vietnam may worry less about losses from low yields due to natural catastrophes such as droughts, floods and typhoons. Swiss Re today announced the introduction of an index-based insurance program, a first in Southeast Asia, developed for the Vietnam Agribank Insurance Joint Stock Company (ABIC) to cover loans to rice farmers in up to 10 provinces in Vietnam, with the potential to extend the scheme to the entire country.

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Swiss Re reported third-quarter net income of USD 618 million, compared to USD 314 million in the prior-year period. Swiss Re also announced that the convertible perpetual capital instrument issued to Berkshire Hathaway has been terminated with effect from 3 November 2010.

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After today’s decision by the Federal Reserve to maintain the target fed funds rate at zero to 25 basis points, Swiss Re’s chief US Economist, Kurt Karl, commented, “Growth is moderate and inflation is very low, so the Fed is now expected to be on hold through all of next year. The quantitative easing program signals a strong commitment to the Fed’s mandate of low unemployment.”

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Swiss Re Capital Markets has successfully structured and placed EUR 275 million of notes issued by Calypso Capital Ltd. (“Calypso”) covering European windstorm events. Calypso is a special-purpose company incorporated in Dublin, Ireland. The transaction sponsor is AXA Global P&C.

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Swiss Re today announced the transfer of USD 175 million of extreme mortality risk to the capital markets through the Vita securitization programme.

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Swiss Re is well placed for the upcoming 2011 renewal negotiations with its European clients. Going into next week's discussions at Baden-Baden, clients and brokers can rely on Swiss Re's leading reinsurance expertise, its ample capacity in all lines of business across Europe, its strong capital position and its proven track record for innovation.

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Climate change, economic development and land subsidence risks could cost communities along the US Gulf Coast over USD 350 billion in cumulative economic losses over the next 20 years, concludes a new study released today by Entergy Corporation. Wind and storm surge damage today already amounts to an average USD 14 billion per year in the region, according to the study’s findings. Severe climate change, coupled with economic growth and land subsidence, could drive up expected annual losses by up to 65 percent to an average of USD 23.4 billion by 2030.

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Recent commodity price spikes and the current easy monetary policy have increased inflation concerns. Many insurers have identified it as one of their key risks. Swiss Re's latest sigma study "The impact of inflation on insurers" finds that insurers can limit the impact of inflation on investment returns, asset valuations and future insurance liabilities by using inflation hedges, adding index clauses to contracts and buying reinsurance.

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Swiss Re Capital Markets has successfully structured and placed EUR 100 million of securities issued by Green Valley Ltd. (“Green Valley”) covering windstorm events in France. Green Valley is a special-purpose company incorporated under the laws of Cayman Islands. The transaction is sponsored by Swiss Re on behalf of Groupama S.A.

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Swiss Re establishes a new leadership structure, broadening the market representation at Executive Committee level. The purpose is to further strengthen the company’s marketing power, optimimise its operations and better align with client needs. Furthermore, Swiss Re appoints a new Chief Risk Officer, and a new Chief Operating Officer.

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The idea is simple and elegant: In the event of a tsunami, escape to higher ground. This is the concept behind a "Tsunami Evacuation Raised Earth Park” or TEREP by GeoHazards International (GHI). Swiss Re is funding the design of this innovative, easily replicable and cost-efficient solution to save multiple lives in Padang, Indonesia, as one of the world's most high-risk areas for tsunamis.

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Swiss Re will today unveil a new report which says that hundreds of thousands of people across Continental Europe do not have enough life insurance.

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While the insurance industry weathered the financial crisis relatively well, acting as a source of stability in the global financial system, the turmoil exposed flaws in the way insurers are regulated. Swiss Re's latest sigma study "Regulatory issues in insurance" finds that improvements could be made to the regulatory environment for insurers, but warns against a potentially damaging over-reaction to the crisis. When considering reforms, particular attention should be paid to the supervision of insurance groups, managing liquidity risk and the pro-cyclicality of capital risk charges, the report suggests.

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Increasing M&A activity, low interest rates and regulatory changes are some of the opportunities and challenges in focus for insurers and reinsurers. Swiss Re puts capital and expertise to work, proposing solutions that will support its clients in dealing with the issues ahead.

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Swiss Re today publishes its report “A short guide to longer lives: Longevity funding issues and potential solutions”. The report warns that underestimating life expectancy by just one year can increase a pension plan's liabilities by up to 5%. It examines what (re)insurers and other parties can do to help address the challenges faced by societies as a result of increased life expectancy. The report also includes recommendations for the key parties involved in addressing longevity funding issues.

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Climate change could significantly increase the risk of hurricanes and storms in the Caribbean and threaten future development in the region, concludes a new study released by the Caribbean Catastrophe Risk Insurance Facility (CCRIF). Damage from wind, storm surge and inland flooding already amounts to 6% of GDP per year in some countries, according to the study’s preliminary results. Under a high climate change scenario, annual expected losses could rise by another 1 to 3% of GDP by 2030.

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After today’s decision by the Federal Reserve to maintain the target fed funds rate at zero to 25 basis points, Swiss Re’s chief US Economist, Kurt Karl, commented, “Since the Fed last met, markets have improved and the economy has continued to grow at a moderate pace. Inflation is flat-to-declining, so the Fed will be on hold through this year and into next year."

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Swiss Re reported strong net income of USD 812 million for the second quarter of 2010 despite a challenging market environment. Book value per common share increased by 9% to CHF 78.44.

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Montgomery, Alabama - Swiss Re today announced a historic agreement with the Alabama State Insurance Fund (“SIF”), to provide a three-year parametric insurance cover for the SIF’s primary catastrophic hurricane exposure. Parametric solutions compensate the buyer based on the physical characteristics of a disaster. The payment can be used for any purpose, including emergency response costs, replacing lost tax revenue and funding of increased insurance costs.

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According to Swiss Re’s latest “World insurance in 2009” sigma study, world insurance premium volume fell 1.1% on an inflation-adjusted basis. Life premiums fell 2% while non-life stagnated. Premium growth in the emerging markets slowed but remained positive. The industry’s profitability and capital recovered significantly, but have not yet reached pre-crisis levels.

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After today’s decision by the Federal Reserve to maintain the target fed funds rate at zero to 25 basis points, Swiss Re’s chief US Economist, Kurt Karl, commented, “Increased market volatility and uncertainty on the economic outlook may cause the Fed to delay raising rates until well into next year. Inflation remains moderate and core inflation is falling, so the Fed can afford to delay the tightening of monetary policy.”

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Swiss Re today launched a publication entitled “Sowing the seeds for record harvests: risk reduction a must for Russian agriculture”. The new report gives an overview of the development of Russian agriculture and discusses reasons for the low insurance penetration. It also proposes measures to help develop a more robust agricultural insurance framework.

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Swiss Re's Investors' Day conference today provides insights into the company’s Asset Management function and the Swiss Solvency Test framework. The Group today also gives an update on its estimated claims from the earthquake in Chile.

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Swiss Re today reports an increase in the sale of new term assurance, critical illness and whole life insurance in the UK life market. The figures suggest that consumers are beginning to take more responsibility for their financial planning needs. But the ‘Life Assurance Protection Gap’ has widened further, so Swiss Re is continuing its call to action to the UK life industry as current economic conditions place more responsibility on the individual.

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Swiss Re Capital Markets has structured and successfully placed USD 150 million of insurance linked securities issued by Blue Fin Ltd. (“Blue Fin”) covering US hurricane and earthquake risk. Blue Fin is a Cayman Islands exempted company and the transaction is sponsored by Allianz Argos 14 GmbH, a wholly owned subsidiary of Allianz SE.

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Against the backdrop of the upcoming regulatory framework in Europe – Solvency II – Swiss Re detailed key learnings today on how insurance risk managers can shape their companies’ risk management culture in the post-crisis world.

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Swiss Re reported net income of USD 158 million for the first quarter of 2010. The company continued to deliver strong underlying performance, even though the Property & Casualty result was affected by high natural catastrophe losses in the first quarter. The estimated excess capital position at the AA level increased to more than USD 12 billion.

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After today’s decision by the Federal Reserve to maintain the target fed funds rate at zero to 25 basis points, Swiss Re’s chief US Economist, Kurt Karl, commented, “In the past, the Fed has held rates steady after a recession until there have been at least 12 months of solid employment growth. Thus, the Fed is likely to be on hold until early next year. Core inflation continues to trend lower, so the Fed need be in no hurry to tighten monetary policy.”

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Today, Swiss Re is launching an enhanced version of Magnum, its automated life and health underwriting system. This innovative solution enables Swiss Re’s Life & Health clients to take underwriting decisions on an automated basis without referring to an underwriter. This saves time and money and improves customer relationships. Magnum provides full access to Swiss Re’s leading underwriting expertise, and gives life insurers the strategic information they need to grow their risk business profitably.

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At Swiss Re’s Annual General Meeting in Zurich today, the company’s shareholders approved all proposals put forward by the Board of Directors. Walter B. Kielholz and Robert A. Scott were re-elected to the Board. Furthermore, the shareholders elected Malcolm D. Knight, Carlos E. Represas and Jean-Pierre Roth as new non-executive, independent members of the Board.

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Swiss Re has obtained another USD 120 million protection through the Successor X natural catastrophe bond programme for North Atlantic hurricane, European windstorm, California earthquake, and Japan earthquake.

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A project to maintain drinking and irrigation water supplies and to conserve upper watershed forests in the Santa Cruz valleys in Bolivia has won the 8th Swiss Re International ReSource Award 2010. The project will receive prize money of USD 150 000. The award ceremony was held today at the Swiss Re Centre for Global Dialogue in Rüschlikon.

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After today’s decision by the Federal Reserve to maintain the target fed funds rate at zero to 25 basis points, Swiss Re’s chief US Economist, Kurt Karl, commented, “The Fed reiterated that it will be on hold for an extended period, which we estimate to be until early 2011. Inflation risks are low and employment growth is stagnant, so there is no hurry to tighten monetary policy.”

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According to Swiss Re’s latest sigma study, natural catastrophes and man-made disasters claimed approximately 15 000 lives and cost insurers USD 26 billion in 2009. The overall cost to society was USD 62 billion. Insured losses were below average due to a calm US hurricane season.

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Swiss Re today published its 2009 annual report, containing the audited annual and consolidated financial statements for the 2009 financial year. At the same time, Swiss Re announced the proposals of its Board of Directors to the company’s shareholders for the 146th Ordinary General Meeting to be held on Wednesday, 7 April 2010, in Zurich, Switzerland.

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Swiss Re today announced that, based on current information, it provisionally estimates its loss arising from the earthquake in Chile to be USD 500 million. The total insured losses for the insurance sector for the earthquake in Chile are estimated to be in the range of USD 4.0 billion to USD 7.0 billion. In addition, Swiss Re estimates its loss for the European winter storm Xynthia to be approximately USD 100 million.

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Swiss Re reported net income of CHF 506 million for the full year 2009. Earnings per share were CHF 1.49. The estimated excess capital at AA level increased to more than CHF 9 billion. During 2009, Swiss Re’s core business continued to demonstrate strong earnings power, while the company significantly de-risked and strengthened its balance sheet.

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Swiss Re announced today the closing of a US individual life retrocession transaction with Berkshire Hathaway. The transaction builds on Swiss Re’s tradition of portfolio steering and reinsurance risk transformation and will improve its capital efficiency.

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The World Economic Forum today released Global Risks 2010, its annual report on the most significant and underlying global risks facing the global economy this year and beyond.

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Swiss Re has obtained USD 150 million protection for California earthquake risk through the Redwood Capital XI Ltd. catastrophe bond programme.

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Swiss Re announced today that it has entered into a USD 1.0 billion long term Letter of Credit facility with JP Morgan, in order to support its US life business over the long term.

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Swiss Re’s new sigma study, “Commercial liability: a challenge for businesses and their insurers”, highlights the challenges of managing and insuring liability risk. The authors note that the best products and the best underwriting methodology for liability risk are no substitutes for adequate pricing. Prices should reflect escalating claims trends and the uncertainties of a rapidly changing technological and legal environment.

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Swiss Re has entered into its first longevity transaction with a pension fund. With this transaction, Swiss Re will provide the UK’s Royal County of Berkshire Pension Fund (RBPF) with protection against the uncertainty associated with longevity risk on CHF 1.7 billion of pensioner liabilities.

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After today’s decision by the Federal Reserve to maintain the target fed funds rate at zero to 25 basis points, Swiss Re’s chief US Economist, Kurt Karl, commented, “The Fed reiterated that it will be on hold for an extended period, which we estimate to be until late 2010. The Fed should have no trouble in managing the ‘exit’ strategy, assuming there is no political interference with its work.”

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Swiss Re representatives are participating at the COP 15 negotiations in Copenhagen, representing the Swiss Insurance Association as part of the official Swiss delegation. The reinsurance company Swiss Re advocates fast transition from Copenhagen discussions to immediate implementation of climate adaptation measures, in order to reduce losses caused by climate risks.

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UK consumers are confused about what insurance cover they think they have compared with what they are actually covered for, according to Swiss Re’s latest edition of its flagship Insurance Report. Swiss Re is prompting UK life insurers to keep product definitions simple and to improve the transparency of what they offer.

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Swiss Re’s Investors’ Day conference today will provide insight into some of the key drivers and processes behind its core business, focusing on cycle management, portfolio steering and risk management.

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Swiss Re is calling on UK life insurers to root out the complexity around terminology, products and services and says that now is the time for the industry to improve its engagement with consumers. This is among the key messages in the latest edition of Swiss Re’s Insurance Report entitled “The cost of doing nothing”. While consumers display a positive attitude to receiving independent advice on savings or protection cover, they show limited willingness to pay fees for it. They also struggle to identify the names of independent financial adviser companies.

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Swiss Re has obtained USD 150 million protection for North Atlantic hurricane, European windstorm and California earthquake through the Successor X catastrophe bond programme.

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Swiss Re’s economists predict that insurance and reinsurance will continue their recoveries in 2010, based on the assumption of a “U-shaped” recovery. Balance sheets will further strengthen and profits will increase. Growth will be positive but quite sluggish both in life and non-life insurance. This outlook could be muted by looming regulatory challenges, along with the trend for higher claims for catastrophic events, increasingly driven by climate change.

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According to initial estimates from Swiss Re’s forthcoming sigma study, the total cost to society of natural catastrophes and man-made disasters in 2009 was USD 52 billion versus USD 267 billion in 2008. The cost to insurers in 2009 was USD 24 billion. Insured losses were below average due to a calm US hurricane season.

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Swiss Re today announced the transfer of USD 75 million of extreme mortality risk in the U.S. and UK to the capital markets through a new VITA securitisation programme.

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After today’s decision by the Federal Reserve to maintain the target fed funds rate at zero to 25 basis points, Swiss Re’s chief US Economist, Kurt Karl, commented, “There was no surprise, as expected, with the target policy rate today.”

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Swiss Re reported net income of CHF 334 million for the third quarter of 2009. The estimated excess capital position at the AA level increased to more than CHF 6 billion. Swiss Re’s core business continued to deliver very strong results, and the company achieved further significant progress in de-risking its Legacy portfolio.

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Swiss Re is very well positioned to enter this year’s renewal discussions in Baden-Baden. Swiss Re will use the week ahead to emphasise its strong offering to European clients, and to reinforce the company’s focus on a sustainable underwriting relationship with cedants.

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Swiss Re today announced that it has received a composite licence from Bank Negara Malaysia to write Retakaful business, and opened a dedicated Retakaful operation in Kuala Lumpur.

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The winning project, submitted as part of the development proposals sponsored by Swiss Re, comes from architects Diener & Diener Architekten, Basel. Construction is expected to begin at the end of 2012 at the earliest.

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Swiss Re today announced the launch of a Focus report titled “Betting the farm? Agricultural risks in Brazil”, which demonstrates that while Brazilian farmers are aware of the risks posed by weather and commodity prices, few have the insurance coverage that could protect them. The report discusses the reasons for low insurance penetration and proposes measures at both the farm level and the national level that will help to develop a more robust agricultural insurance framework.

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Swiss Re, Oxfam America, The Rockefeller Foundation and The International Research Institute for Climate and Society at Columbia University (IRI) announced a joint Commitment to Action at the Clinton Global Initiative (CGI) 2009 meeting in New York on 22 – 25 September. Aimed at helping communities most vulnerable to climate variability and change, the collaboration will expand on their joint 2008 commitment focused on using risk reduction and risk transfer skills to improve financial and food security for farmers within the drought-prone village of Adi Ha, Tigray Regional State, Ethiopia.

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A report from the Economics of Climate Adaptation Working Group released today indicates that climate risks could cost nations up to 19% of their GDP by 2030, with developing countries most vulnerable. The report concludes, however, that cost effective adaptation measures already exist that can prevent between 40 and 68 percent of the expected economic loss with even higher levels of prevention possible in highly target geographies.

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According to Swiss Re’s new sigma study, “The role of indices in transferring insurance risks to the capital markets”, both (re)insurers and investors benefit when clearly defined and regularly updated indices are used in insurance-linked securities (ILS) and other risk-transfer instruments. These instruments provide (re)insurers with an additional capital management tool, while investors gain access to an attractive, diversifying asset class.

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Swiss Re is strongly positioned to provide capacity at the right price to support clients in seizing business opportunities.

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Swiss Re is intensifying its efforts to urge governments to take a more joined-up approach to managing risk. In Helsinki today, the global reinsurer will use its flagship Nordic Risk & Insurance Summit (NORIS™) conference to suggest how governments can improve the way they tackle large-scale disasters and work more closely with insurers to deal with crises quickly and cost-effectively. With winter storm risk expected to double in some parts of Scandinavia by the end of the century, Swiss Re is also aiming to raise awareness of the need to close the gap between economic and insured losses.

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After today’s decision by the Federal Reserve to maintain the target fed funds rate at zero to 25 basis points, Swiss Re’s chief US Economist, Kurt Karl, commented, “As expected, the Fed maintained its target policy rate today and they will persist with this policy well into next year. Quantitative easing will also continue. With high unemployment and low capacity utilization, inflation will not be a problem. Also, the Fed knows how to exit from the quantitative easing programs – this should not be a concern.”

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Improved data transparency and higher data standards key to sustainable natural catastrophe insurance in China

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In the second quarter of 2009, Swiss Re further increased its capital strength and estimates that its excess capital at the AA level has improved to CHF 4.5 billion. The Group also made significant progress in de-risking its Legacy portfolio. Solid underlying earnings in the core business were offset by mark-to-market losses on hedges and impairments. This resulted in a net loss of CHF 381 million for the quarter.

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Swiss Re today announced that it has entered into an agreement with the Beijing Municipal Government to provide reinsurance coverage for catastrophe risks under Beijing’s government-funded agricultural insurance scheme.

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Swiss Re announces the successful closing of a USD 200 million insurance-linked securities offering of hurricane risk in North Carolina through Parkton Re Ltd. (Parkton Re), a Cayman Islands exempted company.

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Swiss Re today announced the appointment of Adelyn Chen as Chief Financial Officer for its Asia Division. Ms Chen, who brings 14 years of insurance audit and business advisory experience, will oversee all finance related functions for the company’s 10 offices in the region, and become a member of the Asia Management Team in Hong Kong.

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World insurance premium volume rose slightly to USD 4270 billion in 2008. However, adjusted for inflation, premiums declined by 2%. Global life premiums fell by 3.5% in 2008, mainly driven by a sharp fall in the sale of unit-linked and single premium life insurance products in the industrialised countries. Non-life premiums decreased by 0.8%.

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After today’s decision by the Federal Reserve to maintain the target fed funds rate at zero to 25 basis points, Swiss Re’s chief US Economist, Kurt Karl, commented, “As expected, the Fed is maintaining its target policy rate and this will continue until the middle of next year. Quantitative easing will also continue. Though oil prices have risen recently, they remain low compared to a year ago. Hence, year-over-year all items CPI inflation will be negative for most of this year, turning positive only late in 2009. High unemployment and low capacity utilization will keep inflation in check through 2010, so the Fed will not need to act aggressively to control inflation next year.”

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A new study on the risk appetite of Asia-Pacific’s Generation X and Y of 20 to 40 year olds, has found that despite the global economic downturn, most Asia-Pacific SMEs are still willing to take risks to achieve growth while being more cautious about operational risks. The survey also showed that as consumers, these young adults are more concerned about their financial future than expected but few have any plans in place to manage that future.

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Swiss Reinsurance America Corporation has obtained USD 100 million protection against US hurricane and earthquake risks in the US from Calabash Re III Ltd., a Cayman Islands exempted company (the “issuer”), which was financed through the successful offering by the issuer of insurance-linked securities. In this transaction, Swiss Reinsurance America Corporation will use the reinsurance purchased from the issuer as a source of capacity for a reinsurance agreement that provides ACE American Insurance Company and its affiliates with USD 100 million of coverage over three years.

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Swiss Re now offers Lead Umbrella coverage to retail brokers and risk managers in the United States. Customers working with Swiss Re receive customized solutions backed by net capacity that is rated among the highest in the industry. Lead Umbrella coverage from Swiss Re’s Industrial Risk Insurer (IRI) is available on an admitted basis in 46 states and underwritten by North American Elite Insurance Company, a member of the Swiss Re Group.

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London, 28 May 2009: Swiss Re today reports an increase in the sale of new whole life policies and a modest increase, for the first time since 2002, in the number of new individual income protection sales in the UK life market. Swiss Re is again calling on the industry to make consumers better aware of the need to buy adequate protection cover.

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Swiss Re today published a series of recommendations to improve the recognition of risk mitigation techniques in the EU Solvency II framework, as a means to better managing capital efficiency. For non-life insurance companies, ensuring that non-proportional reinsurance is properly recognised should be a key priority under the incoming risk and capital regime. Swiss Re’s new Focus report, “Solvency II Standard Formula: Consideration of Non-Life Reinsurance”, provides a leading contribution to help reinsurers and their clients adapt to the new regulatory environment.

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Swiss Re reports a net profit of CHF 150 million for the first quarter of 2009. Property & Casualty delivered premium growth and excellent underwriting performance, while Life & Health income grew as a result of favourable mortality developments.

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After today’s decision by the Federal Reserve (the Fed) to maintain the target Fed funds rate at zero to 25 basis points, Swiss Re’s chief US Economist, Kurt Karl commented: “As expected, the Fed will remain at this target until economic conditions allow for an increase in rates which we currently forecast for the middle of next year. Quantitative easing — increasing the supply of money, purchasing Treasury notes — will also continue. The US will have deflation this year compared to last year, since energy prices are so much lower. Inflation is likely to be very low for the next few years, despite the monetary growth, due to large excess of labor and productive capacity.”

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Today, Swiss Re launches a new report covering the latest trends in group risk business in the UK. Based on data contributed to Swiss Re by the UK’s leading group risk providers, Group Watch 2009 provides an authoritative snapshot of the level of group risk business in the market. The survey points to a modest rise in the UK group death benefits and income protection market and a more substantial growth in critical illness business in 2008. Uncertainty over regulation continues to be a challenge for the market and, given the economic climate, promoting the value of group risk benefits has never been more important.

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Swiss Re announced today that it has named Agostino Galvagni as Chief Operating Officer and Member of the Executive Committee, effective 1 May 2009. To enhance the company’s leading position in the reinsurance sector, Swiss Re is taking steps to increase its focus on profitable core business and strengthen its capital position. Swiss Re will also accelerate efforts to simplify the organisation and improve operational effectiveness. As previously announced, this will lead to running cost reductions of CHF 400 million by the end of 2010.

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An Afghanistan-based project with the dual goal of preventing downstream flood damage, and increasing land productivity through holistic watershed management, has won the seventh Swiss Re 2009 International ReSource Award for sustainable watershed management. The project will receive prize money of USD 150 000. The award ceremony was held today in Istanbul on the occasion of this year’s World Water Forum.

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2008 was one of the worst years for catastrophe losses. More than 240 500 people lost their lives. Insurers across the sector paid out USD 52.5bn to compensate for property claims, and the total impact on the economy caused by natural and man-made catastrophes around the world added up to USD 269bn.

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Swiss Re announced today that the main terms of the convertible perpetual capital instrument to be issued to Berkshire Hathaway have been finalised. As we previously announced, Berkshire Hathaway had agreed in principle to make a CHF 3.0 billion investment in Swiss Re.

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At Swiss Re’s Annual General Meeting today in Zurich, shareholders approved all proposals put forward by the Board of Directors. In particular, shareholders approved the creation of conditional capital to secure the necessary underlying shares for the convertible perpetual capital instrument to be issued to Berkshire Hathaway Inc. Jakob Baer and John R. Coomber were re-elected to the Board for a three-year term.

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Peter Forstmoser, Chairman of the Board of Directors of Swiss Re, has decided to resign from the Board. He is to be succeeded by Walter B. Kielholz, who was up to now Vice Chairman. Peter Forstmoser will step down as of 1 May 2009. Mathis Cabiallavetta, member of the Board of Directors, has been appointed Vice Chairman as of the date of the Annual General Meeting.

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Following Kaspar Villiger’s nomination for election as Chairman of the UBS Board of Directors today, Mr Villiger will resign as a member of Swiss Re’s Board of Directors with effect from 13 March 2009, the day of Swiss Re’s Annual General Meeting 2009.

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Governments should improve how they prioritise efforts to prepare for large-scale disasters and work more closely with the private sector to ensure they can deal with crises quickly and cost-effectively, according to a new OECD report.

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Insurers are increasingly using scenario analysis to evaluate multiple risks, but the industry could do more to fully exploit state-of-the-art approaches, according to Swiss Re’s new sigma study.

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Swiss Re reported a net loss for 2008 of CHF 864 million and a return on equity of -3.4%, driven by investment losses. In spite of extreme financial market turbulence and a significant natural catastrophe burden faced by the insurance industry, the core business delivered strong underwriting results. The Group has taken extensive measures to further de-risk its investment portfolio and reinforce its capital position.

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Swiss Re announced today that it has sent out the invitation to shareholders for its 145th Ordinary General Meeting on Friday, 13 March 2009, in Zurich, Switzerland.

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Swiss Re’s Board of Directors announced today that it has accepted the resignation of Jacques Aigrain as Chief Executive Officer, and has appointed Stefan Lippe, currently Deputy Chief Executive Officer and Chief Operating Officer, as his successor. Mr Aigrain will support the transition through 18 February 2009.

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Swiss Re Group announced today that it expects to report a net loss for the full year 2008 of approximately CHF 1 billion. Shareholders’ equity at 31 December 2008 is estimated to be between CHF 19 billion and CHF 20 billion. The Group is taking significant measures to reinforce its capital strength. In addition to ongoing de-risking in its investment portfolio, the Group is raising CHF 3 billion of capital from Berkshire Hathaway Inc., subject to shareholder approval, and will consider further equity raising of up to CHF 2 billion, subject to market conditions.

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Swiss Re’s Employer Stop Loss insurance coverage is providing benefits to the growing number of companies interested in self-funding their employee health plans in the United States. The coverage enables employers to cap their liability and benefit from self-funding their employee health plans.

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A report released today by the World Economic Forum warns of challenging risks to the global economy in 2009. Global Risks 2009 identifies deteriorating fiscal positions, a hard landing in China, a collapse in asset prices, gaps in global governance and issues relating to natural resources and climate as the pivotal risks facing the world this year. Swiss Re is among the organisations involved in contributing to the report.

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Agricultural insurance plays an important role in stimulating investment in agriculture and in stabilising farmers’ income. In a Focus Report titled: Setting up sustainable agricultural insurance: the example of China, released today, Swiss Re suggests that China’s experience with agricultural insurance subsidies could point the way for other emerging markets to drive growth and secure food supply. The report also recommends that all stakeholders in the agricultural insurance sector collaborate to ensure risk-adequate pricing and to develop viable risk assessment procedures and solutions for local markets.

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Swiss Re announced today that it has entered into a USD 1.5 billion long term Letter of Credit (LoC) facility with JP Morgan.

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According to initial estimates from the forthcoming Swiss Re sigma study on catastrophes, more than 238 000 people lost their lives to natural catastrophes and man-made disasters in 2008 - the fourth largest number of deaths since 1970. While the total cost to society was USD 225 billion, USD 50 billion was covered by property insurance, making 2008 the second costliest year ever in terms of insured losses.

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After today's decision by the Federal Reserve to lower the target fed funds rate 75 basis points to 0.25%, Swiss Re's chief US Economist, Kurt Karl, commented, "After lowering the federal funds rate to 0.25%, the Fed is now expected to be on hold. Though there is little room to cut rates further, the Fed still has the ability to further ease monetary policy via quantitative easing. At this time, some deflation is forecast for next year, but it is expected to be temporary. Hence, any quantitative easing is likely to be targeted at boosting economic activity and lending, not directed at increasing inflation to avoid a prolonged period of deflation."

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Swiss Re's economists predict a severe recession until mid 2009 in industrialised economies, including the United States and Europe. In emerging markets, slower growth is expected but not a full-blown recession. In 2008, the insurance industry successfully weathered the financial turmoil. As market uncertainty could continue well into 2010, the industry needs to preserve capital to remain resilient.

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Swiss Re's new sigma study explores the latest developments in the insurance sector of emerging market economies, with a special focus on the growing market for takaful, a form of Islamic insurance.

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Yesterday, Swiss Re reported its figures on return on equity incorrectly. The figures on return on equity are -4.9% for the third quarter of 2008 and 4.3% for the first nine months of 2008.

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Swiss Re reports a net loss of CHF 304 million for the third quarter of 2008. Despite unprecedented turmoil in the global financial markets, net operating income for the first nine months of 2008 was CHF 884 million. Book value per share was CHF 74.16 at the end of September 2008. Swiss Re's balance sheet is strong, and the company's capital adequacy remains at very high levels.

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Swiss Re has completed the acquisition of Barclays Life Assurance Company Ltd ('Barclays Life') for a cash purchase price of GBP 762 million.

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After today's decision by the Federal Reserve to lower the target fed funds rate 50 basis points to 1.0%, Swiss Re's chief US Economist, Kurt Karl, commented, "The Fed is assessing the latest developments in financial markets and the appropriate next policy action. Inflation has faded as a major concern, while the US economy has clearly moved into recession. In aggressively cutting rates, the Fed is signaling its willingness to do what it takes to stabilize financial markets. The Fed is expected to lower the fed funds rate to 0.5% by year-end and announce this is sufficient to stabilize markets."

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Swiss Re's Commercial Insurance today announced the introduction of the new Agency Shield Program™for their Insurance Agency Errors and Omissions (E&O) policyholders. The Agency Shield Program™ is a value added loss control service and self-assessment program especially designed for insurance agencies. The Agency Shield Program™ helps agencies reduce their E&O exposure, improve client service and build sustainable businesses. This new offering in the US marketplace is endorsed by the Independent Insurance Agents & Brokers of America (IIABA , also known as the Big "I") and available for purchase through IIABA state associations. It is available only to Swiss Re policyholders written through the Big "I" Professional Liability Program.

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Swiss Re, a leading and highly diversified global reinsurer, and Arreon Carbon, a firm specialising in the development of emission reduction products, announced today that they have jointly established a facility to acquire China-based Certified Emission Reductions (CERs).

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Swiss Re's new sigma study draws on the experience of several countries to highlight innovative solutions that help individuals and companies manage the risks of retirement.

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Swiss Re announced that it has entered into a weather derivative contract with the International Development Association (IDA), the arm of the World Bank that helps the world's poorest countries. Under the terms of the contract, Swiss Re will pay out up to USD 5 million in the event that Malawi's farmers suffer from a drought-related shortfall in maize production. With this transaction, the IDA backs its first-ever weather derivative contract with the Government of Malawi.

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A new report published today by the World Economic Forum provides recommendations to help spur continued growth of the market for insurance-linked securities (ILS). Produced in collaboration with partners, including Swiss Re, who are important players in the global financial services industry, Convergence of Insurance and Capital Markets explores the growth of the ILS market and highlights potential next steps needed to continue its development and to further encourage investors' strong appetite for catastrophe ("cat") bonds and other forms of insurance-linked products.

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Today, Swiss Re announced a partnership with CelsiusPro to offer weather risk transfer solutions to European companies. Swiss Re provides risk capacity and expertise to support CelsiusPro's online platform. The partnership allows companies to enter into weather derivative contracts via www.CelsiusPro.com and protect themselves against financial losses related to adverse weather conditions.

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Swiss Re and Oxfam America have announced a joint Commitment to Action at the Clinton Global Initiative (CGI) 2008 meeting in New York on 23 - 26 September. The collaboration is aimed at helping communities most vulnerable to climate variability and change. The project focuses on an innovative pilot project to introduce weather insurance for a staple cereal crop in the village of Adi Ha, Tigray Regional State, Ethiopia.

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At today's Investors' Day, Swiss Re will give an overview of its Life & Health business. In addition, the company will provide an update on its investments and its financial market exposures in the light of the unprecedented developments in the global financial markets and questions from stakeholders.

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Swiss Re today announced that, based on current estimates, it expects its net claims for Hurricane Gustav to be approximately USD 50 million, and for Hurricane Ike approximately USD 250 million.

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Swiss Re estimates its overall net exposure to Lehman Brothers at approximately CHF 50 million and to American International Group (AIG) at approximately CHF 200 million.

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The (re)insurance industry is facing a more challenging business environment characterised by continued soft (re)insurance markets, stock market turbulence and an active hurricane season. Elevated inflation in many countries poses an additional risk to the insurance industry's capital base and aggravates the problem of underinsurance. The industry has to take inflation into account when considering the amount of cover and its pricing. Ahead of the upcoming January 2009 renewals, Swiss Re will continue to focus on disciplined underwriting.

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According to Swiss Re, new forms of private-public partnerships are required to anticipate and respond to the risks related to climate change. Today, at the International Disaster and Risk Conference (IDRC) in Davos, Peter Forstmoser, Swiss Re's Chairman of the Board of Directors, presented the benefits of a risk management approach to climate adaptation.

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Swiss Re is planning a new office building at its Zurich headquarters at Mythenquai 50 to replace the current premises, which dates back to the 1960s. Recently, 12 teams of architects from Switzerland and abroad were invited to submit proposals for the development. The technical section of the jury, chaired by well-known Viennese architect Adolf Krischanitz, comprises four prestigious figures from the world of architecture, and representative of the City of Zurich. Also on the high-profile panel are members of Swiss Re's Board of Directors and Executive Board, as well as construction experts. The winning project will be announced in the spring of 2009

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Swiss Re today announced the appointment of Walter A. Bell as Chairman of Swiss Re America Holding Corporation. Bell, whose appointment with Swiss Re is effective September 2, is currently Insurance Commissioner of the Alabama Department of Insurance, a position he has held since 2003.

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Swiss Re's Commercial Insurance group today announced the introduction of Errors and Omissions (E&O) agency umbrella coverage in all 50 states and the District of Columbia. The insurance policy offering was developed in conjunction with the Independent Insurance Agents & Brokers of America (The Big "I") to meet the needs of the insurance agent marketplace. The coverage is expected to be available country wide contingent on filing approval from each department of insurance.

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After today's decision by the Federal Reserve to hold the target fed funds rate at 2.0%, Swiss Re's senior US Economist, Arun Raha, commented, "The Fed is caught between fears of inflation and financial market uncertainty. It cannot ease any further because that would be inflationary, but tightening at this time would be premature. Economic activity is expected to weaken in the second half of the year and bank balance sheets remain fragile – so tightening would only aggravate the downturn. Moreover, wage pressures remain benign and oil prices have eased from their peaks. The Fed is likely to be on hold until next year when growth picks up. Currently, there is substantial monetary easing in the pipeline, which should boost economic activity by early next year."

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Swiss Re reported net income of CHF 0.6 billion for the second quarter of 2008 despite the continuing challenging financial market environment. The Property & Casualty and Life & Health businesses continued to deliver strong performance. Earnings per share were CHF 1.70. Annualised return on equity was 8.5%. Swiss Re is very strongly capitalised with a significant excess over the capital required for a AA rating.

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Swiss Re has agreed to acquire Barclays Life Assurance Company Ltd ("Barclays Life"). The cash purchase price is GBP 753 million. The transaction will provide further scale and infrastructure for Swiss Re's Admin Re® business in the United Kingdom and underlines Swiss Re's role as a leading player in the origination, transfer and trading of insurable risks.

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Swiss Re's Commercial Insurance announced today they now recognize medical travel coverage as part of their existing stop loss offering. Employer stop loss is available in all 50 states and the District of Columbia, through Westport Insurance Corp., a member of the Swiss Re Group, which underwrites the company's stop loss products.

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Swiss Re's Board of Directors has appointed Stefan Lippe as Deputy CEO, assuming the function of Chief Operating Officer, effective 1 September 2008. Stefan Lippe, currently Head of (Re)Insurance Products, will succeed Andreas Beerli, who will retire mid 2009. At the same time, the Board of Directors has appointed Brian Gray to become Chief Underwriting Officer and Member of the Executive Committee, effective 1 September 2008.

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This morning, the Swiss Climate Foundation ('Klimastiftung Schweiz') came into being on the initiative of 11 service providers. The foundation's purpose is the promotion of measures aimed at protecting the climate and enhancing the energy efficiency of small and medium-sized enterprises (SMEs) in Switzerland. It is financed from reimbursements received by the participating companies in the context of the CO2 levy on fossil fuels. Besides the financial aspect, Swiss Re supports the foundation by heading up the Climate Foundation's offices in Switzerland.

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Swiss Re has obtained USD 150 million protection against North Atlantic hurricane, European windstorm, Californian earthquake, Japanese earthquake and Japanese typhoon through a natural catastrophe protection programme named Vega Capital Ltd ('Vega').

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New York - Fed forecasts should help calm markets in 2012

Zurich - Swiss Re's BoD appoints Michel M. Liès as new Group CEO

Zurich - Report reveals low earthquake insurance penetration globally

London - Economic and social turmoil risk reversing the gains of globalization

New York - Swiss Re acts as joint book runner on the Vecta I transaction

Zurich - Insurance growth drivers and profitability in emerging markets

Zurich - Preliminary NatCat estimates for 2011

New York - Fed will consider QE3 in early 2012, predicts Swiss Re Chief Economist

Zurich - Swiss Re's Chief Executive Officer Stefan Lippe to retire in 2012

Zurich - New sigma study explores product innovation in non-life insurance

Hong Kong - Asia’s insurance market to sustain growth in 2012

Zurich - Swiss Re provides estimate of its claims costs from Thailand flood

London - Low interest rates, euro debt crisis negatively impact profitability

London - Significant financial risk is most acute hazard for renewable energy

Zurich - Delisting and squeeze-out of shares of Swiss Reinsurance Company Ltd

Zurich - Pilot Microinsurance Program Has a Successful Payout

London - Swiss Re research highlights never ending circle of uncertainty

Zurich - Swiss Re obtains USD 130 million in natural catastrophe protection

Zurich - Swiss Re reports net income of USD 1.3 billion for 3Q 2011

Toronto - Canadian pension funds and insurers should assess their risk exposure

Zurich - Swiss Re places EUR 180 million of European windstorm risk

Washington, DC - USAID-Swiss Re partnership targets hunger, natural disasters

Zurich - Swiss Re proposes election of Robert Henrikson to its BoD

New York - Breaking new ground with cholera protection

Monte Carlo - Swiss Re well positioned to capture growth opportunities

Zurich - Catastrophes cost the insurance industry USD 70 billion

Hong Kong - Asia-Pacific sees huge increase in mortality protection gap

Zurich - Insurance-linked securities market poised for continued growth

Zurich - Current approaches inadequate for assessing future longevity

New Swiss Re sigma study “State involvement in insurance markets"

Norway - Challenges for the insurance business model

Sao Paulo - Swiss Re applies for local reinsurance registration in Brazil

New York - Fed rate action commentary from Swiss Re chief US economist

Swiss Re transfers USD 180 million of extreme mortality risk

Zurich - Swiss Re reports net profit of USD 960 million for the second quarter

Zurich - SIX grants SRZ exemption from various disclosure requirements

Hong Kong - Asia-Pacific risk appetite and insurance survey

Zurich - World insurance in 2010

Zurich - More property damage from drought-induced soil subsidence in Europe

Zurich - Swiss Re’s leadership structure brought into line with legal set-up

New York - J Eric Smith to head Swiss Re Americas

Zurich - Swiss Re partners with Oxfam America and the World Food Programme

Zurich - Swiss Re announces that it holds more than 98% of SRZ shares

Zurich - Swiss Re announces that 97.9% of shares were tendered

Zurich - Swiss Re to acquire selected life insurance business from Alico

Zurich - Swiss Re Ltd declares exchange offer successful

Zurich - Swiss Re reports loss of USD 665 million for the first quarter 2011

New York - Fed rate action commentary from Swiss Re chief US economist

Shareholders approve all resolutions at 147th Annual General Meeting

Sao Paulo - Swiss Re, IFC complete capitalization of UBF Seguros; CEO appointed

Tokyo - SR International SE Japan Branch receives non-life insurance licence

Sigma study on natural catastrophes and man-made disasters losses 2010

Kyrgyz project wins 2011 International ReSource Award

Zurich - Proposals for shareholder approval at next Annual General Meeting

Zurich - Swiss Re estimates its claims costs from Japan earthquake and tsunami

Zurich - Swiss Re remains committed to Japan market after quake

Zurich - New Market Executive, Managing Director for Swiss Re Italy

Zurich - Swiss Re provides provisional estimate of Christchurch claims cost

Zurich - Swiss Re obtains USD 305m in natcat protection

Zurich - Swiss Re reports strong 2010 results

Zurich - Public-private solutions for disaster risk relief

New York - Fed rate action commentary from Swiss Re chief US economist

Hong Kong - Global insurance industry led by double-digit growth in emerging Asia

London - New World Economic Forum Global Risks Report 2011

Zurich - Swiss Re places EUR 75 m of French windstorm risk through Green Fields

Zurich - Swiss Re obtains USD 170m in protection through Successor X cat bond

Zurich - Swiss Re completes first longevity trend bond

Zurich - New Swiss Re sigma study on microinsurance

New York - Fed rate action commentary from Swiss Re chief US economist

Zurich - Swiss Re obtains natcat cover through Vega

Zurich - Swiss Re Economic Forum 2010

Zurich - Preliminary 2010 catastrophes estimates from sigma

Zurich - New Swiss Re sigma study examines insurance investment

Toronto - Swiss Re and ICLR outline Canada flood insurance solution

Vietnam - Swiss Re, ABIC deliver a first for world's 2nd largest rice exporter

Zurich - Net income of USD 618 million for the third quarter of 2010

New York - Fed rate action commentary from Swiss Re chief US economist

Zurich - Swiss Re places EUR 275 million of European windstorm risk for AXA

Swiss Re transfers USD 175 million of extreme mortality risk