Key events
2003
26 February
2003 renewals successful; impairment charges to impact results
Swiss Re reported successful January renewals, continuing the trend towards substantial improvements in both pricing and conditions. However, Impairment charge were expected to affect the 2002 results.
17 March
First Swiss Re ReSource Award conferred
Swiss Re awarded USD 70 000 to Defensores de la Naturaleza and WWF Central America for a project safeguarding water resources in Guatemala.
27 March
Swiss Re’s 2002 result
Swiss Re’s 2002 result showed net premium income up 15% at CHF 29.1 billion but a negative impact from asset impairments. The final result for 2002 was a net loss of CHF 91 million.
7 May
Shareholder restructuring of Gerling NCM
Swiss Re, Deutsche Bank, Sal. Oppenheim and Gerling signed a contract reorganising the ownership of Gerling NCM. Swiss Re increased its stake to 47.5% in the new company, renamed Atradius.
7 May
Swiss Re sells stake in Partner Re
Swiss Re, one of the original co-founders of Partner Re, sold its remaining stake in the company. Swiss Re’s capital gain was CHF 230 million.
12 May
Annual General Meeting
The 139th Swiss Re Annual General Meeting approved a reduced dividend of CHF 1.00 per share. Shareholders confirmed the nominations of Raymund Breu and John F. Smith Jr. to the Board of Directors, while Jorge Paulo Lemann was re-elected for a further four year term.
9 July
Life & Health reports 2002 embedded value
Swiss Re’s Life & Health Business Group reported embedded value of CHF 16.3 billion for 2002. Growth in embedded value of CHF 1.2 billion from earnings and capital movements was more than offset by the negative impact of exchange rate movements.
4 August
USD 100 million catastrophe risk swap arranged
Swiss Re and Mitsui Sumitomo arranged a USD 100 million catastrophe risk swap involving Japan typhoon, North Atlantic hurricane and European windstorm risks. This transaction diversifies peak risks for both parties.
6 August
First Admin ReSMtransaction in the UK
Swiss Re acquired the closed book of business of Zurich Life Assurance Company (Zurich Life), one of Zurich Financial Services’ United Kingdom based life assurance businesses, for a cash payment of approximately USD 240 million. This is Swiss Re’s first Admin ReSM transaction outside the United States.
11 August
USD 205 million of catastrophe protection obtained through cat bond
Swiss Re obtained USD 205 million of catastrophe protection through the Arbor programme for North American hurricane, European windstorm and Japanese and California earthquake exposures.
13 August
Flood risk assessment tool launched for Czech market
In response to the severe flooding in the Czech Republic, Swiss Re entered a joint venture partnership with Czech technology company MultiMedia Computer (MMC) to develop a flood risk assessment tool for the Czech insurance market.
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29 August
Swiss Re’s half-year result 2003
Swiss Re reported a solid earnings increase to CHF 691 million in the first half of 2003, with total premiums earned up 19% in original currencies. Shareholders’ equity increased by CHF 1.2 billion to CHF 17.9 billion.
22 September
Swiss Re sponsors study on impact of climate change and loss of biodiversity on human health
Together with the United Nations Development Programme (UNDP) and Harvard Medical School’s Center for Health and the Global Environment, Swiss Re embarked on an innovative research study aimed at evaluating health and economic damage caused by climate change and associated extreme weather events.
7 October
Swiss Re wins Asian Reinsurer of the Year 2003
For the third time in the award’s seven year history, Swiss Re was awarded the “Asian Reinsurer of the Year” accolade by “Asia Insurance Review“ and “The Review“ reinsurance magazine.
30 October
Swiss Re to become greenhouse neutral
Swiss Re demonstrated its continued commitment to sustainability with the implementation of a ten year programme to become fully greenhouse neutral. The Group-wide programme combines a reduction of in-house emissions and an investment in the World Bank Community Development Carbon Fund.
8 December
First life securitisation
Swiss Re successfully sponsored its first Insurance-linked securities relating to life insurance risk, thereby obtaining USD 400 million of coverage from institutional investors for extreme mortality risk.
19 December
Swiss Re opens branch office in China
Swiss Re officially opened its Beijing branch, providing nationwide yuan-denominated reinsurance services in both life and health and property and casualty lines of business to China’s rapidly growing insurance market.
29 December
Japan branch licence
Swiss Re received a branch licence from Japan’s Financial Services Agency (FSA), which will allow the company to provide property and casualty and life and health reinsurance services in Japan.
2004 to date
5 February
Swiss Re to acquire CNA’s book of life and health business in Admin ReSM transaction
Swiss Re announced an agreement to acquire CNA Financial’s individual life insurance business for USD 690 million. The transaction is subject to certain customary closing conditions and regulatory approvals.
16 February
2004 renewals announcement
Swiss Re reported premium growth of 7% for its traditional non-life business in its January 2004 renewals. Strong demand for high security capacity, especially in casualty, enabled Swiss Re to be selective regarding business mix and desired layers.
2 March
Benjamin Meuli appointed Chief Investment Officer
The Board of Directors appointed Benjamin Meuli Chief Investment Officer and Member of the Executive Board of Swiss Re, effective 19 April 2004.
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