Swiss Re reports another successful renewal and achieves non-life premium growth of 7% as hard market continues

16 February 2004, Zurich

Swiss Re achieved premium growth of 7% for its traditional non-life business in the most recent round of renewals. Premium growth was due to a combination of further rate increases and portfolio growth.

John Coomber, Chief Executive Officer of Swiss Re comments, 'With average rate increases of 4% and portfolio growth of 3%, we are encouraged by the further development of the hard market.'

Rates increase as hard market continues

Swiss Re Property, Casualty Business Group renewed 67% of its traditional treaty business in January with average rate increases of 4%. Swiss Re expects 7% volume growth in traditional treaty business from a combination of rate increases, underlying growth in cedents' portfolios and new business.
Financial Services Business Group completed 44% of their property, casualty and aviation business renewals between October 2003 and the end of January 2004 and 94% of their credit and surety renewals. The renewed business achieved overall volume growth of 8% from both rate improvements and underlying growth.
Swiss Re remains well positioned to benefit from the hard market conditions beyond 2004. The company will continue to leverage its leadership position through a strong focus on risk selection and profitability.

Analysts' conference call

Swiss Re is holding an analysts' conference call today at 14.00 CET. Presentations will cover topics outlined above in greater detail. The conference call can be followed by telephone on:

Europe: +41 91 610 5605
US: +1 866 865 5144
UK: + 44 207 107 0613

Please call in at least 10 minutes in advance of the call. The slides for the analyst conference with further information on the renewals are available on as of 7.00 am.
There will be an audio playback facility available on our website by 16 February 2004, 17:00 CET.

Notes to editors


Treaty business represents 67% of Swiss Re's Property, Casualty business, 15% is facultative and 18% non-traditional business.

Swiss Re

Swiss Re is a leading reinsurer and the world's largest life and health reinsurer. The company is global, operating from 70 offices in 30 countries. Since its foundation in 1863, Swiss Re has been in the reinsurance business. Swiss Re has three business groups: Property, Casualty, Life, Health and Financial Services. Swiss Re offers a wide range of traditional reinsurance products and related services, which are complemented by insurance-based corporate finance solutions and supplementary services. Swiss Re is rated 'AA' by Standard, Poor's, 'Aa1' by Moody's and 'A+' by A.M. Best.

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  • uncertainties in estimating reserves;
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  • the frequency, severity and development of insured claim events;
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  • mortality and morbidity experience;
  • policy renewal and lapse rates;
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  • changes in levels of interest rates;
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