http://www.swissre.com/rss/press_releases.rss Press releases published by Swiss Re at www.swissre.com 88 http://media.swissre.com/images/logo.png en-us Swiss Re 2012 Wed, 08 Feb 2012 04:13:57 GMT Swiss Re 2012-02-08T04:13:57+0000 en-us While life insurers have a good value proposition for their policyholders, they lack an easy and understandable way to explain to other stakeholders how they create value and earn profits. Swiss Re’s latest sigma study, “Understanding profitability in life insurance”, discusses the need to arrive at a standard framework for communicating the value and performance of life insurance companies. Tue, 07 Feb 2012 07:30:00 GMT Swiss Re 2012-02-07T07:30:00+0000 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.” Wed, 25 Jan 2012 19:00:00 GMT Swiss Re 2012-01-25T19:00:00+0000 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. <br/><br/> 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. Thu, 19 Jan 2012 05:26:00 GMT Swiss Re 2012-01-19T05:26:00+0000 <ul><li>Much of the world is still vastly underinsured against earthquake risk, study finds</li> <li>Underinsurance often due to low risk awareness in earthquake-prone areas</li> <li>Earthquake models should consider secondary-loss factors more comprehensively </li></ul> 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. Tue, 17 Jan 2012 07:25:00 GMT Swiss Re 2012-01-17T07:25:00+0000 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. Wed, 11 Jan 2012 10:00:00 GMT Swiss Re 2012-01-11T10:00:00+0000 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. Wed, 28 Dec 2011 14:45:00 GMT Swiss Re 2011-12-28T14:45:00+0000 <ul><li>Strong growth in emerging markets so far, driven by a favourable economic and regulatory environment</li> <li>Promising outlook though profitability poses a challenge</li></ul> 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. Tue, 20 Dec 2011 07:28:00 GMT Swiss Re 2011-12-20T07:28:00+0000 <ul><li>2011 will be the year with the highest catastrophe-related economic losses in history, at USD 350 billion</li> <li>2011 would have been the costliest year ever for the insurance industry if Japan had been more fully insured</li></ul> 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. Thu, 15 Dec 2011 07:30:00 GMT Swiss Re 2011-12-15T07:30:00+0000 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.” Tue, 13 Dec 2011 18:51:00 GMT Swiss Re 2011-12-13T18:51:00+0000 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. Mon, 12 Dec 2011 06:00:00 GMT Swiss Re 2011-12-12T06:00:00+0000 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. Tue, 06 Dec 2011 11:00:00 GMT Swiss Re 2011-12-06T11:00:00+0000 <ul> <li>Asia’s insurance market will see sustained growth in 2012, with emerging markets continuing to outpace developed markets</li> <li>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</li> <li>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</li></ul> Tue, 06 Dec 2011 07:00:00 GMT Swiss Re 2011-12-06T07:00:00+0000 <ul><li>Swiss Re estimates claims costs of USD 600 million, net of retrocession and before tax</li> <li>Estimates remain subject to significant uncertainty due to complexity of loss assessment</li> <ul> Swiss Re estimates its claims costs from severe flooding in Thailand at USD 600 million, after intense rainfall caused hundreds of deaths and flooded approximately 1500 industrial facilities. The estimate is net of retrocession and before tax. Water levels remain high in some areas, making it difficult to assess losses accurately. Estimates therefore remain subject to significant uncertainty. Tue, 06 Dec 2011 05:34:00 GMT Swiss Re 2011-12-06T05:34:00+0000 <ul> <li>Weak economic growth in 2012 will dampen prospects for insurance industry, but outlook is better for 2013</li> <li>Insurance industry has restored capitalisation beyond 2007 levels</li> <li>Significant catastrophic losses in non-life business have led to a hardening of reinsurance rates</li> <li>Growth of life business will recover in 2012 and 2013, but low interest rates will negatively impact profitability</li> <li>Emerging markets remain growth engines</li> </ul> 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. Thu, 01 Dec 2011 11:00:00 GMT Swiss Re 2011-12-01T11:00:00+0000 <ul> <li>Renewable energy sector faces significant operational, regulatory and financial risks</li> <li>Cuts in government financial support in some countries call into question future development of the sector</li> <li>Growing risks in renewable energy are driving future demand for insurance</li> </ul> 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. Mon, 28 Nov 2011 23:00:00 GMT Swiss Re 2011-11-28T23:00:00+0000 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. Tue, 22 Nov 2011 06:00:00 GMT Swiss Re 2011-11-22T06:00:00+0000 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. Thu, 17 Nov 2011 18:20:00 GMT Swiss Re 2011-11-17T18:20:00+0000 <ul> <li>Consumers aware of need for financial provision for themselves in the future<l/i> <li>Industry needs to do more to put products higher on consumers’ agenda and to improve access</li> <li>Complex products and affordability still a barrier</li> </ul> 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. Tue, 15 Nov 2011 07:55:00 GMT Swiss Re 2011-11-15T07:55:00+0000 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. Wed, 09 Nov 2011 07:18:00 GMT Swiss Re 2011-11-09T07:18:00+0000 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. Thu, 03 Nov 2011 06:00:00 GMT Swiss Re 2011-11-03T06:00:00+0000 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. Mon, 24 Oct 2011 07:00:00 GMT Swiss Re 2011-10-24T07:00:00+0000 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. Thu, 20 Oct 2011 17:18:00 GMT Swiss Re 2011-10-20T17:18:00+0000 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. Thu, 20 Oct 2011 17:18:00 GMT Swiss Re 2011-10-20T17:18:00+0000 <ul><li>Robert Henrikson proposed for election to Board of Directors of Swiss Re Ltd at its next Annual General Meeting in April 2012</li> <li>Swiss Re Group names Regional Presidents at Executive Committee level, effective 1 January 2012</li><br /></ul> 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. Mon, 03 Oct 2011 04:35:00 GMT Swiss Re 2011-10-03T04:35:00+0000 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 <a href="http://www.clintonglobalinitiative.org/" target="_blank">Clinton Global Initiative (CGI)</a> Annual Meeting by Swiss Re and its CGI partners as their commitments for 2012. Tue, 20 Sep 2011 18:30:00 GMT Swiss Re 2011-09-20T18:30:00+0000 <ul> <li>Swiss Re expects continued improvement in P&C underwriting conditions</li> <li>Record low interest rates were biggest shock for the industry over the past three years</li> <li>Swiss Re ideally positioned for exciting new business opportunities due to underwriting and risk understanding, excellent capitalisation and innovation power</li></ul> 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. Sun, 11 Sep 2011 22:07:00 GMT Swiss Re 2011-09-11T22:07:00+0000 Based on first half 2011 events: <ul> <li>2011 will be the year with the highest insured earthquake losses in history</li> <li>2011 ranks already as the second costliest year for insured catastrophic losses</li></ul> According to preliminary <i>sigma</i> 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. Fri, 09 Sep 2011 06:30:00 GMT Swiss Re 2011-09-09T06:30:00+0000 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. Thu, 08 Sep 2011 04:00:00 GMT Swiss Re 2011-09-08T04:00:00+0000 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. Tue, 06 Sep 2011 06:45:00 GMT Swiss Re 2011-09-06T06:45:00+0000 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. Thu, 01 Sep 2011 06:26:00 GMT Swiss Re 2011-09-01T06:26:00+0000 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. Wed, 31 Aug 2011 06:30:00 GMT Swiss Re 2011-08-31T06:30:00+0000 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. Tue, 30 Aug 2011 06:26:00 GMT Swiss Re 2011-08-30T06:26:00+0000 Swiss Re announced it has submitted an application to the Superintendence of Private Insurance (SUSEP) for a local reinsurance registration. Thu, 25 Aug 2011 08:26:00 GMT Swiss Re 2011-08-25T08:26:00+0000 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.” Tue, 09 Aug 2011 09:52:00 GMT Swiss Re 2011-08-09T09:52:00+0000 Swiss Re announces the successful transfer of USD 180 million of extreme mortality risk to the capital markets through the Vita securitization programme. Fri, 05 Aug 2011 05:37:00 GMT Swiss Re 2011-08-05T05:37:00+0000 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%. Thu, 04 Aug 2011 05:00:00 GMT Swiss Re 2011-08-04T05:00:00+0000 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). Thu, 04 Aug 2011 04:55:00 GMT Swiss Re 2011-08-04T04:55:00+0000 A study reveals that:<ul> <li>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.</li><li>They have strong needs for insurance and financial planning, fuelled by worry about medical expenses and the risk of living longer.</li><li>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.</li><li>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.</li></ul> Thu, 28 Jul 2011 06:00:00 GMT Swiss Re 2011-07-28T06:00:00+0000 <ul> <li>Global premium volume rose solidly in 2010, driven by economic growth, rebound in capital and solvency</li> <li>Emerging countries continued togain in importance - China became the 6^th largest insurance market</li> <li>Investment income suffered from low interest rates </li> </ul> Wed, 06 Jul 2011 06:00:00 GMT Swiss Re 2011-07-06T06:00:00+0000 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. Mon, 04 Jul 2011 07:00:00 GMT Swiss Re 2011-07-04T07:00:00+0000 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). Wed, 22 Jun 2011 05:00:00 GMT Swiss Re 2011-06-22T05:00:00+0000 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. Wed, 15 Jun 2011 13:33:00 GMT Swiss Re 2011-06-15T13:33:00+0000 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. Fri, 10 Jun 2011 11:32:00 GMT Swiss Re 2011-06-10T11:32:00+0000 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. Thu, 09 Jun 2011 20:44:00 GMT Swiss Re 2011-06-09T20:44:00+0000 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”). Wed, 08 Jun 2011 19:53:00 GMT Swiss Re 2011-06-08T19:53:00+0000 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. Wed, 01 Jun 2011 06:00:00 GMT Swiss Re 2011-06-01T06:00:00+0000 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. Wed, 18 May 2011 05:00:00 GMT Swiss Re 2011-05-18T05:00:00+0000 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. Thu, 05 May 2011 05:00:00 GMT Swiss Re 2011-05-05T05:00:00+0000 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.” Wed, 27 Apr 2011 17:00:00 GMT Swiss Re 2011-04-27T17:00:00+0000 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. Fri, 15 Apr 2011 10:49:00 GMT Swiss Re 2011-04-15T10:49:00+0000 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. Thu, 07 Apr 2011 12:00:00 GMT Swiss Re 2011-04-07T12:00:00+0000 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. Tue, 05 Apr 2011 06:00:00 GMT Swiss Re 2011-04-05T06:00:00+0000 According to Swiss Re’s <a href="http://www.swissre.com/sigma/">latest sigma study</a>, 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. Tue, 29 Mar 2011 06:55:00 GMT Swiss Re 2011-03-29T06:55:00+0000 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&nbsp100&nbsp000. The award was handed over at Swiss Re's headquarters in Zurich today. Thu, 24 Mar 2011 10:59:00 GMT Swiss Re 2011-03-24T10:59:00+0000 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 Thu, 24 Mar 2011 06:00:00 GMT Swiss Re 2011-03-24T06:00:00+0000 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. Mon, 21 Mar 2011 06:00:00 GMT Swiss Re 2011-03-21T06:00:00+0000 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. Mon, 14 Mar 2011 10:15:00 GMT Swiss Re 2011-03-14T10:15:00+0000 Maurizio Valsecchi appointed Market Executive and Managing Director for Swiss Re in Italy. Mon, 07 Mar 2011 08:00:00 GMT Swiss Re 2011-03-07T08:00:00+0000 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. Wed, 02 Mar 2011 06:00:00 GMT Swiss Re 2011-03-02T06:00:00+0000 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. Mon, 21 Feb 2011 08:00:00 GMT Swiss Re 2011-02-21T08:00:00+0000 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. Thu, 17 Feb 2011 06:00:00 GMT Swiss Re 2011-02-17T06:00:00+0000 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. Thu, 27 Jan 2011 08:00:00 GMT Swiss Re 2011-01-27T08:00:00+0000 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. Wed, 26 Jan 2011 19:00:00 GMT Swiss Re 2011-01-26T19:00:00+0000 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. Thu, 13 Jan 2011 04:00:00 GMT Swiss Re 2011-01-13T04:00:00+0000 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. Wed, 12 Jan 2011 10:00:00 GMT Swiss Re 2011-01-12T10:00:00+0000 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. Fri, 07 Jan 2011 08:00:00 GMT Swiss Re 2011-01-07T08:00:00+0000 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. Tue, 04 Jan 2011 08:00:00 GMT Swiss Re 2011-01-04T08:00:00+0000 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. Thu, 23 Dec 2010 08:00:00 GMT Swiss Re 2010-12-23T08:00:00+0000 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. Wed, 15 Dec 2010 07:55:00 GMT Swiss Re 2010-12-15T07:55:00+0000 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." Tue, 14 Dec 2010 19:00:00 GMT Swiss Re 2010-12-14T19:00:00+0000 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”). Tue, 14 Dec 2010 08:00:00 GMT Swiss Re 2010-12-14T08:00:00+0000 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. Tue, 07 Dec 2010 09:58:00 GMT Swiss Re 2010-12-07T09:58:00+0000 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. Tue, 30 Nov 2010 07:55:00 GMT Swiss Re 2010-11-30T07:55:00+0000 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. Tue, 23 Nov 2010 08:00:00 GMT Swiss Re 2010-11-23T08:00:00+0000 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. Tue, 16 Nov 2010 14:00:00 GMT Swiss Re 2010-11-16T14:00:00+0000 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. Wed, 10 Nov 2010 06:00:00 GMT Swiss Re 2010-11-10T06:00:00+0000 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. Thu, 04 Nov 2010 06:00:00 GMT Swiss Re 2010-11-04T06:00:00+0000 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.” Wed, 03 Nov 2010 18:48:00 GMT Swiss Re 2010-11-03T18:48:00+0000 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. Tue, 02 Nov 2010 09:00:00 GMT Swiss Re 2010-11-02T09:00:00+0000 Swiss Re today announced the transfer of USD 175 million of extreme mortality risk to the capital markets through the Vita securitization programme. Wed, 27 Oct 2010 07:00:00 GMT Swiss Re 2010-10-27T07:00:00+0000 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. Fri, 22 Oct 2010 06:00:00 GMT Swiss Re 2010-10-22T06:00:00+0000 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. Wed, 20 Oct 2010 16:00:00 GMT Swiss Re 2010-10-20T16:00:00+0000 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. Tue, 19 Oct 2010 07:00:00 GMT Swiss Re 2010-10-19T07:00:00+0000 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. Tue, 05 Oct 2010 09:26:00 GMT Swiss Re 2010-10-05T09:26:00+0000 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. Fri, 01 Oct 2010 05:00:00 GMT Swiss Re 2010-10-01T05:00:00+0000 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. Thu, 30 Sep 2010 06:00:00 GMT Swiss Re 2010-09-30T06:00:00+0000 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. Mon, 27 Sep 2010 06:00:00 GMT Swiss Re 2010-09-27T06:00:00+0000 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. Mon, 20 Sep 2010 07:00:00 GMT Swiss Re 2010-09-20T07:00:00+0000 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. Mon, 13 Sep 2010 06:00:00 GMT Swiss Re 2010-09-13T06:00:00+0000 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. Mon, 13 Sep 2010 05:00:00 GMT Swiss Re 2010-09-13T05:00:00+0000 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. Tue, 31 Aug 2010 06:55:00 GMT Swiss Re 2010-08-31T06:55:00+0000 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. Thu, 19 Aug 2010 13:46:00 GMT Swiss Re 2010-08-19T13:46:00+0000 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." Tue, 10 Aug 2010 19:00:00 GMT Swiss Re 2010-08-10T19:00:00+0000 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. Thu, 05 Aug 2010 05:00:00 GMT Swiss Re 2010-08-05T05:00:00+0000 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. Tue, 27 Jul 2010 12:50:00 GMT Swiss Re 2010-07-27T12:50:00+0000 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. Tue, 29 Jun 2010 06:00:00 GMT Swiss Re 2010-06-29T06:00:00+0000 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.” Wed, 23 Jun 2010 18:00:00 GMT Swiss Re 2010-06-23T18:00:00+0000 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. Wed, 23 Jun 2010 11:57:00 GMT Swiss Re 2010-06-23T11:57:00+0000 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. Fri, 11 Jun 2010 05:00:00 GMT Swiss Re 2010-06-11T05:00:00+0000 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. Wed, 09 Jun 2010 11:57:00 GMT Swiss Re 2010-06-09T11:57:00+0000 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. Thu, 27 May 2010 07:18:00 GMT Swiss Re 2010-05-27T07:18:00+0000 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. Tue, 18 May 2010 07:00:00 GMT Swiss Re 2010-05-18T07:00:00+0000 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. Thu, 06 May 2010 05:00:00 GMT Swiss Re 2010-05-06T05:00:00+0000 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.” Wed, 28 Apr 2010 18:00:00 GMT Swiss Re 2010-04-28T18:00:00+0000 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. Thu, 15 Apr 2010 07:00:00 GMT Swiss Re 2010-04-15T07:00:00+0000 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. Wed, 07 Apr 2010 12:00:00 GMT Swiss Re 2010-04-07T12:00:00+0000 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. Mon, 29 Mar 2010 05:00:00 GMT Swiss Re 2010-03-29T05:00:00+0000 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. Fri, 19 Mar 2010 18:00:00 GMT Swiss Re 2010-03-19T18:00:00+0000 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.” Tue, 16 Mar 2010 13:56:00 GMT Swiss Re 2010-03-16T13:56:00+0000 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. Mon, 15 Mar 2010 12:04:00 GMT Swiss Re 2010-03-15T12:04:00+0000 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. Fri, 12 Mar 2010 16:30:00 GMT Swiss Re 2010-03-12T16:30:00+0000 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. Wed, 10 Mar 2010 06:00:00 GMT Swiss Re 2010-03-10T06:00:00+0000 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. Thu, 18 Feb 2010 06:00:00 GMT Swiss Re 2010-02-18T06:00:00+0000 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. Mon, 18 Jan 2010 06:00:00 GMT Swiss Re 2010-01-18T06:00:00+0000 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. Thu, 14 Jan 2010 06:00:00 GMT Swiss Re 2010-01-14T06:00:00+0000 Swiss Re has obtained USD 150 million protection for California earthquake risk through the Redwood Capital XI Ltd. catastrophe bond programme. Tue, 05 Jan 2010 06:00:00 GMT Swiss Re 2010-01-05T06:00:00+0000 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. Mon, 04 Jan 2010 18:00:00 GMT Swiss Re 2010-01-04T18:00:00+0000 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. Wed, 16 Dec 2009 09:42:00 GMT Swiss Re 2009-12-16T09:42:00+0000 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. Tue, 15 Dec 2009 18:17:00 GMT Swiss Re 2009-12-15T18:17:00+0000 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.” Tue, 15 Dec 2009 18:03:00 GMT Swiss Re 2009-12-15T18:03:00+0000 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. Mon, 14 Dec 2009 18:32:00 GMT Swiss Re 2009-12-14T18:32:00+0000 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. Thu, 10 Dec 2009 18:38:00 GMT Swiss Re 2009-12-10T18:38:00+0000 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. Tue, 08 Dec 2009 18:47:00 GMT Swiss Re 2009-12-08T18:47:00+0000 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. Thu, 03 Dec 2009 18:50:00 GMT Swiss Re 2009-12-03T18:50:00+0000 Swiss Re has obtained USD 150 million protection for North Atlantic hurricane, European windstorm and California earthquake through the Successor X catastrophe bond programme. Thu, 03 Dec 2009 07:00:00 GMT Swiss Re 2009-12-03T07:00:00+0000 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. Tue, 01 Dec 2009 18:54:00 GMT Swiss Re 2009-12-01T18:54:00+0000 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. Mon, 30 Nov 2009 19:02:00 GMT Swiss Re 2009-11-30T19:02:00+0000 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. Tue, 24 Nov 2009 10:40:00 GMT Swiss Re 2009-11-24T10:40:00+0000 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.” Wed, 04 Nov 2009 11:11:00 GMT Swiss Re 2009-11-04T11:11:00+0000 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. Tue, 03 Nov 2009 11:23:00 GMT Swiss Re 2009-11-03T11:23:00+0000 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. Fri, 23 Oct 2009 11:31:00 GMT Swiss Re 2009-10-23T11:31:00+0000 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. Thu, 08 Oct 2009 11:37:00 GMT Swiss Re 2009-10-08T11:37:00+0000 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. Fri, 02 Oct 2009 11:44:00 GMT Swiss Re 2009-10-02T11:44:00+0000 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. Tue, 29 Sep 2009 11:48:00 GMT Swiss Re 2009-09-29T11:48:00+0000 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. Fri, 25 Sep 2009 11:53:00 GMT Swiss Re 2009-09-25T11:53:00+0000 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. Mon, 14 Sep 2009 12:00:00 GMT Swiss Re 2009-09-14T12:00:00+0000 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. Mon, 07 Sep 2009 12:09:00 GMT Swiss Re 2009-09-07T12:09:00+0000 Swiss Re is strongly positioned to provide capacity at the right price to support clients in seizing business opportunities. Mon, 07 Sep 2009 05:00:00 GMT Swiss Re 2009-09-07T05:00:00+0000 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. Tue, 25 Aug 2009 12:28:00 GMT Swiss Re 2009-08-25T12:28:00+0000 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.” Wed, 12 Aug 2009 12:38:00 GMT Swiss Re 2009-08-12T12:38:00+0000 Improved data transparency and higher data standards key to sustainable natural catastrophe insurance in China Mon, 10 Aug 2009 14:57:00 GMT Swiss Re 2009-08-10T14:57:00+0000 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. Wed, 05 Aug 2009 12:43:00 GMT Swiss Re 2009-08-05T12:43:00+0000 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. Fri, 31 Jul 2009 12:51:00 GMT Swiss Re 2009-07-31T12:51:00+0000 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. Wed, 29 Jul 2009 12:56:00 GMT Swiss Re 2009-07-29T12:56:00+0000 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. Wed, 01 Jul 2009 14:29:00 GMT Swiss Re 2009-07-01T14:29:00+0000 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%. Tue, 30 Jun 2009 13:01:00 GMT Swiss Re 2009-06-30T13:01:00+0000 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.” Wed, 24 Jun 2009 13:16:00 GMT Swiss Re 2009-06-24T13:16:00+0000 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. Mon, 15 Jun 2009 13:23:00 GMT Swiss Re 2009-06-15T13:23:00+0000 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. Fri, 12 Jun 2009 13:40:00 GMT Swiss Re 2009-06-12T13:40:00+0000 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. Tue, 09 Jun 2009 13:45:00 GMT Swiss Re 2009-06-09T13:45:00+0000 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. Thu, 28 May 2009 13:48:00 GMT Swiss Re 2009-05-28T13:48:00+0000 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. Tue, 19 May 2009 13:53:00 GMT Swiss Re 2009-05-19T13:53:00+0000 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. Thu, 07 May 2009 14:00:00 GMT Swiss Re 2009-05-07T14:00:00+0000 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.” Wed, 29 Apr 2009 14:09:00 GMT Swiss Re 2009-04-29T14:09:00+0000 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. Thu, 23 Apr 2009 14:00:00 GMT Swiss Re 2009-04-23T14:00:00+0000 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. Thu, 02 Apr 2009 14:16:00 GMT Swiss Re 2009-04-02T14:16:00+0000 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. Fri, 20 Mar 2009 15:21:00 GMT Swiss Re 2009-03-20T15:21:00+0000 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. Tue, 17 Mar 2009 15:26:00 GMT Swiss Re 2009-03-17T15:26:00+0000 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. Fri, 13 Mar 2009 15:53:00 GMT Swiss Re 2009-03-13T15:53:00+0000 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. Fri, 13 Mar 2009 15:38:00 GMT Swiss Re 2009-03-13T15:38:00+0000 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. Mon, 09 Mar 2009 15:57:00 GMT Swiss Re 2009-03-09T15:57:00+0000 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. Wed, 04 Mar 2009 16:03:00 GMT Swiss Re 2009-03-04T16:03:00+0000 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. Wed, 25 Feb 2009 16:07:00 GMT Swiss Re 2009-02-25T16:07:00+0000 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. Tue, 24 Feb 2009 16:16:00 GMT Swiss Re 2009-02-24T16:16:00+0000 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. Thu, 19 Feb 2009 16:27:00 GMT Swiss Re 2009-02-19T16:27:00+0000 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. Thu, 19 Feb 2009 16:23:00 GMT Swiss Re 2009-02-19T16:23:00+0000 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. Thu, 12 Feb 2009 16:35:00 GMT Swiss Re 2009-02-12T16:35:00+0000 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. Thu, 05 Feb 2009 06:00:00 GMT Swiss Re 2009-02-05T06:00:00+0000 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. Wed, 28 Jan 2009 16:46:00 GMT Swiss Re 2009-01-28T16:46:00+0000 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. Tue, 13 Jan 2009 16:50:00 GMT Swiss Re 2009-01-13T16:50:00+0000 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. Thu, 08 Jan 2009 16:54:00 GMT Swiss Re 2009-01-08T16:54:00+0000 Swiss Re announced today that it has entered into a USD 1.5 billion long term Letter of Credit (LoC) facility with JP Morgan. Mon, 22 Dec 2008 19:13:00 GMT Swiss Re 2008-12-22T19:13:00+0000 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. Thu, 18 Dec 2008 21:45:00 GMT Swiss Re 2008-12-18T21:45:00+0000 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." Tue, 16 Dec 2008 22:00:00 GMT Swiss Re 2008-12-16T22:00:00+0000 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. Tue, 09 Dec 2008 08:19:00 GMT Swiss Re 2008-12-09T08:19:00+0000 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. Wed, 03 Dec 2008 21:44:00 GMT Swiss Re 2008-12-03T21:44:00+0000 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. Wed, 05 Nov 2008 22:49:00 GMT Swiss Re 2008-11-05T22:49:00+0000 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. Tue, 04 Nov 2008 06:00:00 GMT Swiss Re 2008-11-04T06:00:00+0000 Swiss Re has completed the acquisition of Barclays Life Assurance Company Ltd ('Barclays Life') for a cash purchase price of GBP 762 million. Fri, 31 Oct 2008 21:46:00 GMT Swiss Re 2008-10-31T21:46:00+0000 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." Wed, 29 Oct 2008 22:14:00 GMT Swiss Re 2008-10-29T22:14:00+0000 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. Wed, 29 Oct 2008 21:26:00 GMT Swiss Re 2008-10-29T21:26:00+0000 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). Tue, 28 Oct 2008 08:31:00 GMT Swiss Re 2008-10-28T08:31:00+0000 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. Tue, 21 Oct 2008 20:14:00 GMT Swiss Re 2008-10-21T20:14:00+0000 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. Mon, 20 Oct 2008 20:59:00 GMT Swiss Re 2008-10-20T20:59:00+0000 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. Thu, 09 Oct 2008 20:39:00 GMT Swiss Re 2008-10-09T20:39:00+0000 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. Tue, 30 Sep 2008 20:33:00 GMT Swiss Re 2008-09-30T20:33:00+0000 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. Fri, 26 Sep 2008 20:22:00 GMT Swiss Re 2008-09-26T20:22:00+0000 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. Thu, 25 Sep 2008 20:47:00 GMT Swiss Re 2008-09-25T20:47:00+0000 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. Tue, 23 Sep 2008 20:54:00 GMT Swiss Re 2008-09-23T20:54:00+0000 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. Wed, 17 Sep 2008 20:53:00 GMT Swiss Re 2008-09-17T20:53:00+0000 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. Mon, 08 Sep 2008 21:02:00 GMT Swiss Re 2008-09-08T21:02:00+0000 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. Mon, 25 Aug 2008 21:01:00 GMT Swiss Re 2008-08-25T21:01:00+0000 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 Mon, 25 Aug 2008 20:57:00 GMT Swiss Re 2008-08-25T20:57:00+0000 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. Tue, 19 Aug 2008 07:34:00 GMT Swiss Re 2008-08-19T07:34:00+0000 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. Tue, 12 Aug 2008 20:29:00 GMT Swiss Re 2008-08-12T20:29:00+0000 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 &ndash; 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." Tue, 05 Aug 2008 21:06:00 GMT Swiss Re 2008-08-05T21:06:00+0000 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. Tue, 05 Aug 2008 10:52:00 GMT Swiss Re 2008-08-05T10:52:00+0000 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&reg; business in the United Kingdom and underlines Swiss Re's role as a leading player in the origination, transfer and trading of insurable risks. Tue, 05 Aug 2008 07:32:00 GMT Swiss Re 2008-08-05T07:32:00+0000 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. Tue, 22 Jul 2008 20:58:00 GMT Swiss Re 2008-07-22T20:58:00+0000 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. Thu, 10 Jul 2008 20:30:00 GMT Swiss Re 2008-07-10T20:30:00+0000 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. Fri, 04 Jul 2008 21:03:00 GMT Swiss Re 2008-07-04T21:03:00+0000 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'). Mon, 30 Jun 2008 20:36:00 GMT Swiss Re 2008-06-30T20:36:00+0000 After today's decision by the Federal Reserve to hold the target fed funds rate at 2.0%, Swiss Re's Chief US Economist, Kurt Karl, commented, "The Fed is reluctant to cut any further, because inflation remains elevated. Also, the economy is basically in a mild recession or growth pause and the Fed does not want to aggravate the downturn with a rate hike. The Fed will be on hold for a prolonged period due to the economic weakness, but will raise rates early next year when growth picks up. Currently, there is substantial monetary easing in the pipeline, which &mdash; coupled with the weak dollar and ongoing fiscal stimulus &mdash; should boost economic activity by late this year or early next year." Wed, 25 Jun 2008 17:55:00 GMT Swiss Re 2008-06-25T17:55:00+0000 According to the latest Swiss Re sigma study, world insurance premium income grew 3.3% in real terms in 2007, reaching USD 4 061 billion. This growth was primarily driven by the life business in industrialised and emerging markets and to a lesser extent by the non-life business in the emerging markets. Tue, 24 Jun 2008 20:20:00 GMT Swiss Re 2008-06-24T20:20:00+0000 Jacques Aigrain, CEO of Swiss Re, signed the climate change recommendations to the Group of Eight (G8) leaders. The document outlines a new, more environmentally effective and economically efficient long-term climate policy framework to succeed the Kyoto Accord, calling for halving worldwide greenhouse gas emissions by 2050. It was delivered today on behalf of the group of 91 chairmen and CEOs by World Economic Forum Executive Chairman and Founder Klaus Schwab to Prime Minister Fukuda of Japan, who will host the G8's annual summit next month in Hokkaido, Japan. Fri, 20 Jun 2008 20:32:00 GMT Swiss Re 2008-06-20T20:32:00+0000 The rising impact of natural diasters is driving up the cost of disaster relief and reconstruction for the public sector, especially in developing countries where insurance penetration is still low. Swiss Re's focus report "Disaster risk financing: reducing the burden on public budgets" shows how recent risk transfer solutions offer governments, development banks and relief organisations models to access pre-event financing, and enable them to allocate relief funds more efficiently by using insurance and capital market instruments. Thu, 12 Jun 2008 20:52:00 GMT Swiss Re 2008-06-12T20:52:00+0000 Swiss Re and global insurance broker Guy Carpenter have successfully implemented joint operations for electronic data exchange in accounting and settlement, following a successful pilot. This will enable both companies to manage accounting processes between their reinsurer and broker environments throughout the world more efficiently, for the benefit of their clients. Wed, 11 Jun 2008 07:39:00 GMT Swiss Re 2008-06-11T07:39:00+0000 Swiss Re's latest sigma study focuses on how the insurance sector can improve its non-life reserving practices. In addition to explaining reserving methodologies, the study suggests that improvements in reserving will be beneficial for the industry as well as its clients and shareholders. Wed, 28 May 2008 20:19:00 GMT Swiss Re 2008-05-28T20:19:00+0000 Carbon dioxide emissions from cars can be compensated by making financial contributions to CO2 certificates. A service launched jointly by Swiss Re and Mobiliar provides an opportunity for just such compensation. Swiss Re takes on the responsibility for the necessary acquisition and retirement of emissions certificates, thereby making a further contribution to the fight against climate change. Tue, 27 May 2008 20:55:00 GMT Swiss Re 2008-05-27T20:55:00+0000 Swiss Reinsurance America Corporation and Swiss Reinsurance Company Ltd. are officially recognized as admitted reinsurers by Susep, the Brazilian insurance regulator, with the ability to sell reinsurance in the newly de-regulated Brazil marketplace. Mon, 26 May 2008 12:21:00 GMT Swiss Re 2008-05-26T12:21:00+0000 Swiss Re has announced a donation of CHF 300 000 to support UNICEF and the Red Cross in providing instant humanitarian relief to regions in Myanmar and China which were hit by devastating natural catastrophes earlier this month. Tue, 20 May 2008 20:56:00 GMT Swiss Re 2008-05-20T20:56:00+0000 London, 15 May 2008: Swiss Re today issues a call to all players in the UK's life and health industry that decisive action is needed to stem a continued year-on-year decline in income protection sales. Failure to act will mean that the gap between the level of income protection currently in force, and the total amount needed by the UK working population to sustain an income in the event of becoming long-term injured or disabled, will continue to get bigger. Unless fundamental changes are made to the design and distribution of the product, it could disappear from the market altogether. Thu, 15 May 2008 20:21:00 GMT Swiss Re 2008-05-15T20:21:00+0000 Swiss Re's GlobeCat transaction was named Deal of the Year by Energy Risk magazine for their successful structuring and placement of USD 85 million of securities covering windstorm events in the US as well as earthquakes in California and Central America. Wed, 07 May 2008 21:22:00 GMT Swiss Re 2008-05-07T21:22:00+0000 Swiss Re reported net income of CHF 624 million in the first quarter of 2008, a reduction of 53% over the prior year's first quarter. The reduction was attributable to the continuing turmoil in the financial markets and the resulting additional mark-to-market loss of CHF 819 million on the structured credit default swaps in run-off since November 2007. This was partially offset by a strong performance from Asset Management. Property & Casualty and Life & Health delivered satisfactory results. Earnings per share were CHF 1.84. The annualised return on equity was 8.5%. Tue, 06 May 2008 05:00:00 GMT Swiss Re 2008-05-06T05:00:00+0000 Overland Park, KS and Melbourne, FL - Swiss Re's Commercial Insurance and BISYS Specialty Programs (a division of Crump Insurance Services, Inc.), today announced the launch of an insurance program for auto dealers. Backed by the world-class financial strength of Swiss Re and the industry expertise of BISYS, this program offers high quality coverage and security for auto dealers who meet underwriting guidelines. Mon, 05 May 2008 20:49:00 GMT Swiss Re 2008-05-05T20:49:00+0000 After today's decision by the Federal Reserve to lower the target fed funds rate 25 basis points to 2.00%, Swiss Re's US senior economist, Arun Raha, commented, "The Fed is buying extra insurance against a deeper recession. The economy is in or close to a recession, and although credit market conditions have improved, market jitters continue. However, the Fed will be reluctant to cut any further, because inflation remains elevated, and they do not want inflationary expectations to increase. There is substantial monetary easing in the pipeline, and this summer there will be a further boost from the fiscal stimulus package, cushioning the downturn. A recession, if is does happen, will be moderate." Wed, 30 Apr 2008 21:13:00 GMT Swiss Re 2008-04-30T21:13:00+0000 Conning Asset Management (Europe) Limited, a fully-owned subsidiary of Swiss Re, has been appointed to manage a pioneering EUR 125 million post 2012 Carbon Credit Fund. The fund is currently investing in the carbon credits produced by so-called &lsquo;post Kyoto' projects. Mon, 28 Apr 2008 20:24:00 GMT Swiss Re 2008-04-28T20:24:00+0000 In compliance with the Swiss Federal Act on Stock Exchanges and Securities Trading, Merrill Lynch & Co., Inc., 4 World Financial Center, New York, NY 10080, USA, notified Swiss Reinsurance Company Ltd (Swiss Re), Mythenquai 50/60, 8022 Zurich, on the 24 April 2008, that Merrill Lynch & Co., Inc. has fallen below the threshold of 3% of the voting rights or registered shares/other share acquisition rights in Swiss Re through a disposal (decrease in hedging positions) as per 18 April 2008 by a number of its Group companies listed below. Fri, 25 Apr 2008 21:32:00 GMT Swiss Re 2008-04-25T21:32:00+0000 In compliance with the Swiss Federal Act on Stock Exchanges and Securities Trading, The Capital Group Companies, Inc., 333 South Hope Street, Los Angeles, CA., USA (Capital Group), notified Swiss Reinsurance Company Ltd (Swiss Re), Mythenquai 50/60, 8022 Zurich, on 23 April 2008 to hold as per 22 April 2008, through dispositions by a number of its Group companies listed below, in the capacity of investment manager for mutual funds and clients 18,122,434 registered shares of Swiss Re. Capital Group thereby has a voting right of 4.89% of Swiss Re which can be exercised autonomously of the beneficial owners. Fri, 25 Apr 2008 21:24:00 GMT Swiss Re 2008-04-25T21:24:00+0000 London, 24 April 2008: Swiss Re today launches a new report covering the latest trends in the UK group risk market and providing recommendations to market participants to encourage its future growth. Based on data contributed to Swiss Re by the UK's leading group risk providers, Group Watch 2008 provides an authoritative snapshot of the level of in-force and new group business. The survey points to a modest rise in the levels of UK group life, income protection and critical illness business in 2007. Thu, 24 Apr 2008 21:05:00 GMT Swiss Re 2008-04-24T21:05:00+0000 In compliance with the Swiss Federal Act on Stock Exchanges and Securities Trading, Credit Suisse Group, Paradeplatz 8, 8070 Zurich, notified Swiss Reinsurance Company Ltd (Swiss Re), Mythenquai 50/60, 8022 Zurich, on 22 April 2008 to hold the following holding as per 16 April 2008 through an acquisition by a number of its Group companies listed below: Wed, 23 Apr 2008 18:02:00 GMT Swiss Re 2008-04-23T18:02:00+0000 In compliance with the Swiss Federal Act on Stock Exchanges and Securities Trading, Merrill Lynch & Co., Inc., 4 World Financial Center, New York, NY 10080, USA, notified Swiss Reinsurance Company Ltd (Swiss Re), Mythenquai 50/60, 8022 Zurich, on 18 April 2008 to hold the following holding as per 14 April 2008 through an acquisition by a number of its Group companies listed below: Tue, 22 Apr 2008 18:23:00 GMT Swiss Re 2008-04-22T18:23:00+0000 At Swiss Re's 144th Annual General Meeting in Zurich, the shareholders approved all the proposals put forward by the Board of Directors. The Annual General Meeting voted to increase the dividend by 18% to CHF 4.00 per share and to reduce the share capital. Raymond K.F. Ch'ien and Mathis Cabiallavetta were elected to the Board of Directors. Fri, 18 Apr 2008 12:25:00 GMT Swiss Re 2008-04-18T12:25:00+0000 In compliance with the Swiss Federal Act on Stock Exchanges and Securities Trading, Credit Suisse Group, Paradeplatz 8, 8070 Zurich, notified Swiss Reinsurance Company (Swiss Re), Mythenquai 50/60, 8022 Zurich, on 14 April 2008 to hold the following holding as per 9 April 2008 through an acquisition by a number of its Group companies listed below: Wed, 16 Apr 2008 15:29:00 GMT Swiss Re 2008-04-16T15:29:00+0000 Swiss Re announced today that it will finance a new Chair for Integrative Risk Management at the Swiss Federal Institute of Technology Zurich (ETH Zurich). The Chair will be established to create a world-class global risk management research and education programme. Tue, 15 Apr 2008 21:15:00 GMT Swiss Re 2008-04-15T21:15:00+0000 Swiss Re, a leading and highly diversified global reinsurer, today announced it has entered into an emissions reduction purchase agreement with Hebei Construction Investment New Energy Co., Limited. Mon, 07 Apr 2008 21:04:00 GMT Swiss Re 2008-04-07T21:04:00+0000 Swiss Re appoints David Blumer as Head of Financial Markets and Member of the Executive Committee. He will succeed Roger Ferguson, who will accept a senior position at a major financial institution. Wed, 02 Apr 2008 21:54:00 GMT Swiss Re 2008-04-02T21:54:00+0000 Swiss Re today announced it has received approval to establish a consulting company in China to provide comprehensive third party administrator (TPA) and related consulting services to hospitals, insurers, policyholders and employers. Wed, 02 Apr 2008 20:34:00 GMT Swiss Re 2008-04-02T20:34:00+0000 In compliance with the Swiss Federal Act on Stock Exchanges and Securities Trading, Credit Suisse Group, Paradeplatz 8, PO Box, 8070 Zurich, notified Swiss Reinsurance Company ("Swiss Re"), Mythenquai 50/60, 8022 Zurich, on the 28 March 2008, that Credit Suisse Group has fallen below the threshold of 3% of the voting rights or registered shares/other share acquisition rights in Swiss Re through a disposal by a number of its Group companies listed below as per 20 March 2008. Mon, 31 Mar 2008 21:23:00 GMT Swiss Re 2008-03-31T21:23:00+0000 In October 2003, Swiss Re declared its goal to become fully carbon neutral within 10 years, the first major financial services provider to do so. This target was achieved earlier than scheduled, in 2007. The company was also ahead of schedule in reaching the goal of reducing its own CO2 emissions by 15% per employee by 2013. Due to the urgent nature of global climate change, Swiss Re is now doubling its emission-reducing target for 2013 to 30%. Mon, 31 Mar 2008 07:50:00 GMT Swiss Re 2008-03-31T07:50:00+0000 On the occasion of this year's International Water Day on 22 March, Swiss Re is donating CHF 1 million to the International Committee of the Red Cross (ICRC) for an infrastructure project in Ethiopia which focuses on providing clean and sanitary water supply to the region's rural population. Wed, 19 Mar 2008 21:27:00 GMT Swiss Re 2008-03-19T21:27:00+0000 After today's decision by the Federal Reserve to lower the target fed funds rate 75 basis points to 2.25%, Swiss Re's US senior economist, Arun Raha, commented, "The Fed's action is yet another forceful move in its attempts to alleviate the liquidity crunch and to shore up a rapidly weakening economy. It clearly does not believe that the action it took last week to expand its securities lending program, or its emergency measures over the weekend to increase market liquidity are enough. The economy is in or close to a recession, but increasing oil prices have kept inflationary pressures from abating, complicating the Fed's task. However, inflation is expected to ease as economic activity slows, albeit with a lag, so the Fed is likely to cut further if the economy continues to weaken." Tue, 18 Mar 2008 22:07:00 GMT Swiss Re 2008-03-18T22:07:00+0000 Catastrophe-related economic losses from natural and man-made catastrophes around the world exceeded USD 70bn in 2007. More than 20 000 people lost their lives. In the aftermath, property insurers were hit by claims totalling USD 28bn. Tue, 11 Mar 2008 08:50:00 GMT Swiss Re 2008-03-11T08:50:00+0000 More than 150 hospital and healthcare sector stakeholders from medical institutions in and around Delhi today attended a workshop to promote earthquake risk management, held as part of a campaign to reduce earthquake risk in hospital facilities in Delhi. The workshop, "Integrating Earthquake Risk Mitigation into Hospital Facilities Planning," was supported by Swiss Re, a leading reinsurer, and organised by US-based NGO GeoHazards International and the Delhi Disaster Management Authority of the Government of NCT of Delhi. Wed, 05 Mar 2008 17:55:00 GMT Swiss Re 2008-03-05T17:55:00+0000 In pursuit of further sustainable and profitable growth, Swiss Re is evolving its business model. Through a more integrated approach to business origination, the company expects to broaden its client base as well as its range of efficient risk transfer solutions. This new model will extend Swiss Re's role as a leading player in the origination, transferring and trading of insurable risks. Fri, 29 Feb 2008 21:37:00 GMT Swiss Re 2008-02-29T21:37:00+0000 Today, Swiss Re reported a strong net income for 2007 of CHF 4.2 billion and a return on equity of 13.5%, despite the isolated mark-to-market loss from credit underwriting activities announced in November. Net income for the fourth quarter was modest at CHF 170 million. Fri, 29 Feb 2008 06:00:00 GMT Swiss Re 2008-02-29T06:00:00+0000 In compliance with the Swiss Federal Act on Stock Exchanges and Securities Trading, Credit Suisse Group, Paradeplatz 8, 8070 Zurich, notified Swiss Reinsurance Company (Swiss Re), Mythenquai 50/60, 8022 Zurich, on 27 February 2008 to hold the following holding as per 22 February 2008 through a disposition by a number of its Group companies listed below: Thu, 28 Feb 2008 16:18:00 GMT Swiss Re 2008-02-28T16:18:00+0000 In compliance with the Swiss Federal Act on Stock Exchanges and Securities Trading, Credit Suisse Group, Paradeplatz 8, 8070 Zurich, notified Swiss Reinsurance Company (Swiss Re), Mythenquai 50/60, 8022 Zurich, on 21 February 2008 to hold the following holding as per 15 February 2008 through an acquisition by a number of its Group companies listed below: Fri, 22 Feb 2008 18:52:00 GMT Swiss Re 2008-02-22T18:52:00+0000 A reservoir watershed project in China and a watershed forest preservation initiative on the Solomon Islands have won Swiss Re's 2008 International ReSource Award for Sustainable Watershed Management. In total, the two awarded projects will receive USD 157 500. Thu, 21 Feb 2008 21:17:00 GMT Swiss Re 2008-02-21T21:17:00+0000 Following the opening of the Brazilian reinsurance market, Swiss Re will become an admitted reinsurer with a representative office in S&atilde;o Paulo. Tue, 19 Feb 2008 21:40:00 GMT Swiss Re 2008-02-19T21:40:00+0000 In compliance with the Swiss Federal Act on Stock Exchanges and Securities Trading, Credit Suisse Group, Paradeplatz 8, 8070 Zurich, notified Swiss Reinsurance Company (Swiss Re), Mythenquai 50/60, 8022 Zurich, on 14 February 2008 to hold the following holding as per 8 February 2008 through a disposition by a number of its Group companies listed below: Mon, 18 Feb 2008 15:59:00 GMT Swiss Re 2008-02-18T15:59:00+0000 Rick Murray, Managing Director at Swiss Re, provided introductory remarks at the United Nations Climate Risk Summit. Mr. Murray was the luncheon introductory speaker, in advance of featured speaker and former United States Vice President Al Gore. Thu, 14 Feb 2008 21:35:00 GMT Swiss Re 2008-02-14T21:35:00+0000 Swiss Re's Commercial Insurance today announced the national launch of its Excess Liability coverage for Insurance Agents and Brokers Professional Liability. Eligible risks include agencies with primary coverage through various errors and omissions carriers. Tue, 12 Feb 2008 21:28:00 GMT Swiss Re 2008-02-12T21:28:00+0000 In compliance with the Swiss Federal Act on Stock Exchanges and Securities Trading, Credit Suisse Group, Paradeplatz 8, 8070 Zurich, notified Swiss Reinsurance Company (Swiss Re), Mythenquai 50/60, 8022 Zurich, on 5 February 2008 to hold the following holding as per 30 January 2008 through an acquisition by a number of its Group companies listed below: Wed, 06 Feb 2008 19:30:00 GMT Swiss Re 2008-02-06T19:30:00+0000 In compliance with the Swiss Federal Act on Stock Exchanges and Securities Trading, Credit Suisse Group, Paradeplatz 8, 8070 Zurich, notified Swiss Reinsurance Company (Swiss Re), Mythenquai 50/60, 8022 Zurich, on 4 February 2008 to hold the following holding as per 29 January 2008 through an acquisition by a number of its Group companies listed below: Wed, 06 Feb 2008 19:26:00 GMT Swiss Re 2008-02-06T19:26:00+0000 In compliance with the Swiss Federal Act on Stock Exchanges and Securities Trading, Credit Suisse Group, Paradeplatz 8, PO Box, 8070 Zurich, notified Swiss Reinsurance Company ("Swiss Re"), Mythenquai 50/60, 8022 Zurich, on the 31 January 2008, that Credit Suisse Group has fallen below the threshold of 3% of the voting rights or registered shares/other share acquisition rights in Swiss Re through a disposal by a number of its Group companies listed below as per 25 January 2008. Mon, 04 Feb 2008 19:23:00 GMT Swiss Re 2008-02-04T19:23:00+0000 After today's decision by the Federal Reserve to lower the target fed funds rate 50 basis points to 3.0%, Swiss Re's Chief US economist, Kurt Karl, commented, "The economy is in or near a recession, so only time will tell if this move is sufficient to avert further economic deterioration. Since Fed monetary easing takes about a year to have its full impact on the economy, this will help cushion the growth slowdown but only by late this year and early next year. The credit crunch is now expected to be mostly over by mid-2008 due to this rate cut and other Fed actions. Currently, the risk of recession is about 55% over the next 12 months due to the weak growth, market turbulence and elevated oil prices. Inflation is expected to decline this year as unemployment rises and capacity utilization declines." Wed, 30 Jan 2008 22:10:00 GMT Swiss Re 2008-01-30T22:10:00+0000 Swiss Re, the world's leading and most diversified global reinsurer, today announced it has closed a carbon markets transaction with the Ministry of Environment of the Government of Luxembourg. Wed, 23 Jan 2008 21:31:00 GMT Swiss Re 2008-01-23T21:31:00+0000 Swiss Re announced today that Berkshire Hathaway has acquired a 3% stake in the company. Swiss Re has also entered into a reinsurance contract with Berkshire Hathaway. The capital released as a result of this reinsurance contract will be used to buy back shares. Wed, 23 Jan 2008 08:57:00 GMT Swiss Re 2008-01-23T08:57:00+0000 Swiss Re, the world's leading and most diversified global reinsurer, today announced it has moved its carbon emissions desk from New York to London and hired additional staff to accommodate recent growth in the carbon markets. Tue, 22 Jan 2008 21:48:00 GMT Swiss Re 2008-01-22T21:48:00+0000 Swiss Re has successfully structured and placed USD 85 million of securities covering windstorm events in the United States as well as earthquakes in California and Central America. Tue, 22 Jan 2008 08:24:00 GMT Swiss Re 2008-01-22T08:24:00+0000 Swiss Re's 'COyou2 reduce and gain' programme, launched a year ago, offers its staff financial incentives to reduce greenhouse gas emissions. By 2011, Swiss Re aims to motivate at least 10% of its workforce to take part. In its first year, the programme already attracted 400 staff &ndash; 5% of all eligible employees worldwide &ndash; who have used the available funding for their own environmentally friendly investments. Mon, 21 Jan 2008 08:34:00 GMT Swiss Re 2008-01-21T08:34:00+0000 In compliance with the Swiss Federal Act on Stock Exchanges and Securities Trading, Credit Suisse Group, Paradeplatz 8, 8070 Zurich, notified Swiss Reinsurance Company ('Swiss Re'), Mythenquai 50/60, 8022 Zurich, on 14 January 2008 to hold the following holding as per 8 January 2008 through an acquisition by a number of its Group companies listed below: Wed, 16 Jan 2008 22:42:00 GMT Swiss Re 2008-01-16T22:42:00+0000 Richard Schneider, an 11-year veteran of Swiss Re, has been appointed Office Head of Swiss Brokers Mexico. He succeeds Carlos Boelsterli, who has assumed the role of Head of Client Management for Latin America. Mr. Schneider is located in Mexico City and he reports to Beat Strebel, Head of Latin America. Mon, 14 Jan 2008 21:18:00 GMT Swiss Re 2008-01-14T21:18:00+0000 Swiss Re and The Savings Bank Life Insurance Company of Massachusetts ('SBLI') today jointly announced the closing of SBLI's private XXX securitization on December 28, 2007. Under the terms of the transaction, Swiss Re will fund up to $175 million of peak Regulation XXX reserve requirements. Fri, 11 Jan 2008 21:22:00 GMT Swiss Re 2008-01-11T21:22:00+0000 In compliance with the Swiss Federal Act on Stock Exchanges and Securities Trading, Credit Suisse Group, Paradeplatz 8, PO Box, 8070 Zurich, notified Swiss Reinsurance Company ('Swiss Re'), Mythenquai 50/60, 8022 Zurich, on the 9 January 2008, that Credit Suisse Group has fallen below the threshold of 3% of the voting rights or registered shares/other share acquisition rights in Swiss Re through a disposal by a number of its Group companies listed below as per 3 January 2008. Thu, 10 Jan 2008 19:22:00 GMT Swiss Re 2008-01-10T19:22:00+0000 In compliance with the Swiss Federal Act on Stock Exchanges and Securities Trading, Credit Suisse Group, Paradeplatz 8, 8070 Zurich, notified Swiss Reinsurance Company ('Swiss Re'), Mythenquai 50/60, 8022 Zurich, on 8 January 2008 to hold the following holding as per 2 January 2008 through an acquisition by a number of its Group companies listed below: Thu, 10 Jan 2008 18:00:00 GMT Swiss Re 2008-01-10T18:00:00+0000 The World Economic Forum released today its latest report, Global Risks 2008. The report highlights the need for new thinking and concerted action in a number of problem areas. It expresses fears that the current liquidity crunch will spark a US recession in the next 12 months and calls for new thinking on systemic financial risk in response to the revolution in financial markets over the last two decades. The report recommends a set of principles for country risk management and examines how the financial sector might take on an increasingly important role in risk transfer in the future. Wed, 09 Jan 2008 21:38:00 GMT Swiss Re 2008-01-09T21:38:00+0000 In compliance with the Swiss Federal Act on Stock Exchanges and Securities Trading, Credit Suisse Group, Paradeplatz 8, PO Box, 8070 Zurich, notified Swiss Reinsurance Company ("Swiss Re"), Mythenquai 50/60, 8022 Zurich, on the 7 January 2008, that Credit Suisse Group has fallen below the threshold of 3% of the voting rights or registered shares/other share acquisition rights in Swiss Re as per 27 December 2007. Tue, 08 Jan 2008 19:21:00 GMT Swiss Re 2008-01-08T19:21:00+0000 Swiss Re has successfully structured and placed EUR 200 million of securities covering windstorm events in France. Mon, 07 Jan 2008 21:25:00 GMT Swiss Re 2008-01-07T21:25:00+0000 Swiss Re today announced that it has entered into an agreement to acquire a 25 per cent stake in Vietnam's leading reinsurance provider, Vietnam National Reinsurance Corporation (VinaRe), for VND1.3 trillion (approximately US$79 million) as a result of which Swiss Re becomes the company's sole foreign strategic partner. The investment is in line with Swiss Re's strategy of continuing to expand its reinsurance business in Asia. Mon, 07 Jan 2008 21:23:00 GMT Swiss Re 2008-01-07T21:23:00+0000 In compliance with the Swiss Federal Act on Stock Exchanges and Securities Trading, UBS AG, Bahnhofstrasse 45, 8001 Zurich, notified Swiss Reinsurance Company ("Swiss Re"), Mythenquai 50/60, 8022 Zurich, on the 21 December 2007, that UBS has fallen below the threshold of 3% of the voting rights or registered shares/other share acquisition rights in Swiss Re as per 1 December 2007. Fri, 28 Dec 2007 19:04:00 GMT Swiss Re 2007-12-28T19:04:00+0000 In compliance with the Swiss Federal Act on Stock Exchanges and Securities Trading, Credit Suisse Group, Paradeplatz 8, 8001 Zurich, notified Swiss Reinsurance Company (Swiss Re), Mythenquai 50/60, 8022 Zurich, on 21 December 2007 to hold the following holding as per 7 November 2007 through a number of its Group companies listed below: Fri, 28 Dec 2007 19:02:00 GMT Swiss Re 2007-12-28T19:02:00+0000 A study about medrobolic syndrome and a paper on obesity were among the seven academic papers which today won the Swiss Re - Shanghai Actuarial Award, presented at the Fudan University campus. Sponsored by Swiss Re, the world’s leading reinsurer, the award is part of the company’s commitment to the development of China’s life and health insurance industry. At the award ceremony, which was jointly sponsored by the Insurance Institute of Shanghai (IIS) and Fudan University, Swiss Re also launched a new Fudan publication titled “Health Insurance and Medical Statistics”, one of a series of studies designed to provide essential underwriting data to China’s insurance industry. Fri, 21 Dec 2007 19:17:00 GMT Swiss Re 2007-12-21T19:17:00+0000 According to a recent sigma study, the world spends USD 5 trillion on healthcare each year. Insurers that build up know-how, establish reliable partnerships with key stakeholders in the value chain and propose innovative solutions will emerge as the leaders in this growing industry. Wed, 19 Dec 2007 15:15:00 GMT Swiss Re 2007-12-19T15:15:00+0000 According to initial estimates, more than 20 000 people were killed by natural and man-made catastrophes in 2007. The catastrophes led to overall financial losses of USD 61 billion across the globe. Property insurers had to contend with losses totalling USD 25 billion. Tue, 18 Dec 2007 08:05:00 GMT Swiss Re 2007-12-18T08:05:00+0000 On 31 December 2007 Swiss Re will complete the sale of the new business operations of Tomorrow to LV= (formerly known as Liverpool Victoria). This transaction was first announced on 30 May 2007. Mon, 17 Dec 2007 11:57:00 GMT Swiss Re 2007-12-17T11:57:00+0000 After today's decision by the Federal Reserve to lower the target fed funds rate 25 basis points to 4.25%, Swiss Re's Chief US economist, Kurt Karl, commented, "It remains to be seen if the Federal Reserve Board's third cut will be sufficient to keep the economy from going into recession. Clearly, it will not immediately end the market turmoil, but it will help alleviate the credit crunch. The Fed keeps cutting due to the rising risk of recession. Currently, this risk is about 45% over the next 12 months due to the weak growth, market turbulence and elevated oil prices. The economy slowed sharply in the past few months, so inflation should continue to decline. Unfortunately, the economy continues to deteriorate, so this cut is unlikely to be the last." Tue, 11 Dec 2007 18:56:00 GMT Swiss Re 2007-12-11T18:56:00+0000 Swiss Reinsurance Company (Swiss Re), Mythenquai 50/60, 8022 Zurich, announces that on 4 December 2007, The Capital Group Companies, Inc., 333 South Hope Street, Los Angeles, CA., USA (Capital Group), held, through acquisitions by a number of its Group companies listed below, in the capacity of investment manager for mutual funds and clients 19,364,301 registered shares of Swiss Re. Capital Group thereby has a voting right of 5.23% of Swiss Re which can be exercised autonomously of the beneficial owners. Mon, 10 Dec 2007 16:24:00 GMT Swiss Re 2007-12-10T16:24:00+0000 Following completion of its October performance reporting, Swiss Re has to report a CHF 1.2 billion mark-to-market loss, or CHF 981 million after tax, arising from its exposure to two, related credit default swaps written by its Credit Solutions unit that provide protection for a client against a fall in the value of a portfolio of assets. Mon, 19 Nov 2007 06:00:00 GMT Swiss Re 2007-11-19T06:00:00+0000 In compliance with the Swiss Federal Act on Stock Exchanges and Securities Trading, UBS AG, Bahnhofstrasse 45, 8001 Zurich, notified Swiss Reinsurance Company (Swiss Re), Mythenquai 50/60, 8022 Zurich, the following holding as per 7 November 2007: Fri, 16 Nov 2007 16:27:00 GMT Swiss Re 2007-11-16T16:27:00+0000 Swiss Re's agreement with Standard Life plc has terminated Fri, 16 Nov 2007 13:31:00 GMT Swiss Re 2007-11-16T13:31:00+0000 Swiss Re today announced continuing strong performance for the third quarter of 2007 based on several years of diligent underwriting. Despite a turbulent quarter in the financial markets, Swiss Re delivered strong earnings of CHF 1.5 billion for the third quarter of 2007. Compared with an outstanding equivalent quarter in the prior year, the net income decreased by 5% but increased by 23% for the first nine months of 2007. These earnings translate into an excellent annualised return on equity of 18.8% for the quarter and 17.2% for the first nine months of 2007. Earnings per share for the quarter declined marginally by 3% to CHF 4.20, and increased strongly by 17% for the first nine months of 2007. Tue, 06 Nov 2007 14:14:00 GMT Swiss Re 2007-11-06T14:14:00+0000 After today's decision by the Federal Reserve to lower the target fed funds rate 25 basis points to 4.5%, Swiss Re's Chief US economist, Kurt Karl, commented, "The Federal Reserve Board has made a second, but more modest, move to alleviate the market turmoil. Since the market was hoping for 50 bp, it is unclear if this will provide sufficient liquidity to reduce market turbulence. At this time, the risk of recession over the next 12 months is 40% and rising due to the weak growth, market turmoil and elevated oil prices. Slow growth should lower inflation further, so the Fed should have few concerns about inflation and is expected to continue cutting rates." Wed, 31 Oct 2007 15:49:00 GMT Swiss Re 2007-10-31T15:49:00+0000 Swiss Re has appointed Raj Singh as the new Chief Risk Officer. He will succeed Christian Mumenthaler who is taking over operational leadership of the global Life & Health Products Division. Raj Singh, who joins Swiss Re from Allianz SE, where he served as Chief Risk Officer for the Group, has been elected by the Board of Directors upon recommendation of Jacques Aigrain, Chief Executive Officer of Swiss Re. He will join Swiss Re on 1 January 2008 latest. Fri, 26 Oct 2007 13:09:00 GMT Swiss Re 2007-10-26T13:09:00+0000 Swiss Re today signed an agreement to acquire certain Resolution plc closed life books from Standard Life plc for a fixed price of GBP 2.35 billion, conditional on Standard Life’s offer to acquire Resolution plc being completed. Under this contract, Swiss Re will purchase around 4.5 million Resolution policies and assets of approximately GBP 31 billion from Standard Life plc. Fri, 26 Oct 2007 10:55:00 GMT Swiss Re 2007-10-26T10:55:00+0000 The world's leading reinsurer, Swiss Re, has formed Asia's first fully-dedicated motor insurance team, charged with supporting insurers to increase profitability of the rapidly growing, high volume motor insurance sector by building risk management and reducing claims, considering that the motor insurance sector in China is set to grow from about RMB110bn (USD 13.75 billion) in annual premiums today, to RMB200 billion (USD25 billion) by 2012. Mon, 22 Oct 2007 08:52:00 GMT Swiss Re 2007-10-22T08:52:00+0000 According to a recent sigma study, bancassurance is on the rise, particularly in emerging markets. Worldwide, insurers have been successfully leveraging bancassurance to gain a foothold in markets with low insurance penetration and a limited variety of distribution channels. Wed, 17 Oct 2007 22:20:00 GMT Swiss Re 2007-10-17T22:20:00+0000 Swiss Reinsurance Company ("Swiss Re")&#160;confirms it is in discussions with Standard Life PLC ("Standard Life") in relation to the possibility of entering into an agreement to purchase certain closed-books of Resolution PLC's ("Resolution") life business should Standard Life make an offer to acquire Resolution. These discussions are consistent with Swiss Re's strategy to seek attractive opportunities to expand its Admin Re business. No binding commitments have yet been entered into regarding the terms of such a transaction, and consequently there can be no assurance that Swiss Re will participate in any such transaction or otherwise participate in any offer for Resolution, or as to the terms of any such transaction. Should a transaction take place Swiss Re will acquire for a fixed price to be agreed certain books of business currently owned by Resolution. A further announcement may be made, if and when, appropriate. Mon, 15 Oct 2007 13:19:00 GMT Swiss Re 2007-10-15T13:19:00+0000 Swiss Re launched its Climate Adaptation Development Programme (CADP) at the Clinton Global Initiative 2007 meeting. The Programme is designed to develop a financial risk transfer market for the effects of adverse weather in emerging countries. In a first phase, it will aim at providing financial protection against drought conditions for up to 400 000 people in Africa. Thu, 27 Sep 2007 06:35:00 GMT Swiss Re 2007-09-27T06:35:00+0000 After today's decision by the Federal Reserve to lower the target fed funds rate 50 basis points to 4.75%, Swiss Re's Chief US economist, Kurt Karl, commented, "The Federal Reserve Board has taken strong action to alleviate the market turmoil. Since the market was hoping for 50 bp, this is a clear signal that the Fed is willing to provide liquidity and reduce market turbulence. At this time, however, the risk of a recession over the next 12 months is still 35% due to the weak growth, market turmoil and elevated oil prices. Slow growth should lower inflation further, so the Fed should have few concerns about inflation and is expected to continue cutting rates." Tue, 18 Sep 2007 14:50:00 GMT Swiss Re 2007-09-18T14:50:00+0000 Swiss Re will continue to remain focused on economic profit growth, at the expense of premium volume, if necessary. Swiss Re is well positioned for the upcoming renewals in January 2008, due to its broad client base, well diversified book of business and financial strength. Mon, 10 Sep 2007 12:20:00 GMT Swiss Re 2007-09-10T12:20:00+0000 Swiss Re, the Earth Institute at Columbia University and the Millennium Promise Alliance have pioneered weather derivative contracts protecting several villages in Kenya, Mali and Ethiopia against severe drought. The contracts protect smallholder farmers against drought-related livelihood shocks such as food shortages and famines. About 150,000 people will benefit from the coverage. Thu, 06 Sep 2007 13:21:00 GMT Swiss Re 2007-09-06T13:21:00+0000 Stockholm, Swiss Re, the world's largest reinsurer and leading risk manager, will today warn delegates at a leading industry conference about the long term consequences of climate change for the Nordic region. At its second Nordic Risk & Insurance Summit (NORIS), Swiss Re will show how winter storms Anatol, Gudrun and Per are harbingers of a more stormy future in Scandinavia, leading to a doubling of insurance claims due to natural catastrophes by the end of this century. The company's experts will also discuss with participants how alternative forms of risk transfer, such as catastrophe bonds, can be used to manage the financial consequences of a changing climate. Mon, 27 Aug 2007 22:19:00 GMT Swiss Re 2007-08-27T22:19:00+0000 After today's decision by the Federal Reserve to hold the target fed funds rate at 5.25%, Swiss Re's Chief US economist, Kurt Karl, commented, "The Federal Reserve Board remains comfortable with the federal funds rate unchanged at 5.25%, indicating confidence the economy will weather the current market turmoil. If core inflation falls sufficiently or growth weakens substantially, the Fed would lower interest rates, but currently neither is likely." Wed, 08 Aug 2007 18:30:00 GMT Swiss Re 2007-08-08T18:30:00+0000 Swiss Re today announced earnings of CHF 1.2 billion in the second quarter of 2007, an increase of 45% over the same period last year. Annualised return on equity for the second quarter improved to 15.9%, compared to 13.3% in 2006. Earnings per share rose 38% to CHF 3.50. Tue, 07 Aug 2007 18:30:00 GMT Swiss Re 2007-08-07T18:30:00+0000 Swiss Re today announced earnings of CHF 1.2 billion in the second quarter of 2007, an increase of 45% over the same period last year. Annualised return on equity for the second quarter improved to 15.9%, compared to 13.3% in 2006. Earnings per share rose 38% to CHF 3.50. Tue, 07 Aug 2007 05:00:00 GMT Swiss Re 2007-08-07T05:00:00+0000 Swiss Reinsurance Company (Swiss Re) announces that on 27 July 2007 The Capital Group Companies, Inc., 333 South Hope Street, Los Angeles, CA., USA (Capital Group), through a number of its Group companies listed below, in the capacity of investment manager for mutual funds and clients, fell below the threshold of 5% of the voting rights / registered shares in Swiss Re. Thu, 02 Aug 2007 15:30:00 GMT Swiss Re 2007-08-02T15:30:00+0000 Today Swiss Re has signed the United Nations' Principles for Responsible Investment (UN PRI). The voluntary program encourages best practice in environmental, social and corporate governance issues in investments. Wed, 04 Jul 2007 07:26:00 GMT Swiss Re 2007-07-04T07:26:00+0000 New scientific findings on typhoons in the North West Pacific have been released today by a leading Hong Kong university. The study identified regional cycles of typhoon landfall and associated climate conditions, which will make the determination of typhoon activity for each Asian region far more accurate. Tue, 03 Jul 2007 13:01:00 GMT Swiss Re 2007-07-03T13:01:00+0000 World insurance premium growth in 2006 accelerated further, driven by the strong expansion of the life insurance sector. According to a sigmastudy, worldwide premiums written amounted to USD 3 723 billion, an increase of 5% over prior year. The performance of the insurance industry has further improved in terms of capitalisation and profitability. Mon, 02 Jul 2007 21:50:00 GMT Swiss Re 2007-07-02T21:50:00+0000 After today's decision by the Federal Reserve to hold the target fed funds rate at 5.25%, Swiss Re's Chief US economist, Kurt Karl, commented, "As expected, the Federal Reserve Board again held interest rates constant at 5.25%. Though growth has been weak for the past four quarters, inflation remains a concern so the Fed is holding firm. Core inflation will continue to fall, so the Fed could cut rates later this year, but that is increasingly unlikely. Growth may prove to be too strong to warrant a cut." Thu, 28 Jun 2007 18:31:00 GMT Swiss Re 2007-06-28T18:31:00+0000 Today Swiss Re launched a basket of catastrophe bond performance indices, named Swiss Re Cat Bond Indices. This is a first and important step in significantly increasing the transparency of cat bond returns. Thu, 28 Jun 2007 14:18:00 GMT Swiss Re 2007-06-28T14:18:00+0000 Swiss Re today announced the appointment of Girish Rao, former CEO of the TTK Group-Swiss Re joint venture company TTK Healthcare Services Pvt. Ltd., as Managing Director of Swiss Re's newly established healthcare services advisory company, Swiss Re Healthcare Services Pvt. Ltd. Wed, 20 Jun 2007 08:08:00 GMT Swiss Re 2007-06-20T08:08:00+0000 Swiss Re's Economic Research and Consulting unit advised today that the economy is heading for a soft landing, while insurance markets are bracing for an active hurricane season and a general softening. The comments came at the company's Mid-year Economic and Insurance Industry Webcast. Wed, 20 Jun 2007 07:00:00 GMT Swiss Re 2007-06-20T07:00:00+0000 Swiss Re plant an ihrem Hauptsitz in Zuerich einen Neubau. Mit diesem Bauvorhaben soll das Gebäude am Mythenquai 50, das aus den 60er Jahren stammt, ersetzt werden. Von den Neubauplänen sind die angrenzenden denkmalgeschuetzten Gebäude nicht betroffen. Tue, 19 Jun 2007 13:22:00 GMT Swiss Re 2007-06-19T13:22:00+0000 Swiss Re obtains USD 100 million protection against earthquake risk in Turkey, Greece, Israel, Portugal and Cyprus. This is the first time that earthquake risk in these countries has been securitised in the capital markets. Fri, 01 Jun 2007 07:23:00 GMT Swiss Re 2007-06-01T07:23:00+0000 Swiss Re has entered into an agreement that gives it the right to sell the new business operations of Tomorrow, the recently re-branded GE Life to LV= (formerly known as Liverpool Victoria). Subject to the exercise of the appropriate option, and satisfaction of various regulatory and other conditions, the sale is expected to be completed in December 2007. Wed, 30 May 2007 11:02:00 GMT Swiss Re 2007-05-30T11:02:00+0000 Swiss Re published a study entitled Insuring environmental damage in the European Union. This publication gives an overview of the EU's new Environmental Liability Directive and the challenges it poses to insurers. Wed, 23 May 2007 21:52:00 GMT Swiss Re 2007-05-23T21:52:00+0000 After today's decision by the Federal Reserve to hold the target fed funds rate at 5.25%, Swiss Re's Senior US economist, Arun Raha, commented, "This was expected. Growth has weakened, but inflation has not fallen enough, so the Federal Reserve Board will hold interest rates constant at 5.25% for some more time. Slowing economic activity is helping ease inflationary pressures, but the decline in inflation has not been sufficient for the Fed to cut rates. By mid-year, core CPI inflation is expected to fall close to 2.0%, allowing the Fed to ease in August." Wed, 09 May 2007 18:01:00 GMT Swiss Re 2007-05-09T18:01:00+0000 Swiss Re recorded earnings of CHF 1.3 billion in the first quarter 2007, an increase of 54% over the prior year’s first quarter based on continuing good performance across all business segments. Earnings per share rose 38% to CHF 3.85. The annualised return on equity also improved to 17.1% compared to 14.1% in the first quarter 2006. Tue, 08 May 2007 05:00:00 GMT Swiss Re 2007-05-08T05:00:00+0000 Swiss Re has successfully issued a total of AUD 750 million of hybrid debt securities, its first foray into the Australian dollar bond market. Fri, 27 Apr 2007 07:42:00 GMT Swiss Re 2007-04-27T07:42:00+0000 At Swiss Re's 143rd Annual General Meeting, shareholders approved the company's financial statements for 2006, a year in which Swiss Re delivered record earnings with net income after tax of CHF 4.6 billion. The shareholders also approved this year's 36% increase in dividend to CHF 3.40 per share, the changes to Swiss Re's capital structure and its share buy-back programme. Hans Ulrich Maerki was elected to the Board of Directors for the first time while Raymond Breu and John F. Smith, Jr. were re-elected. Fri, 20 Apr 2007 07:39:00 GMT Swiss Re 2007-04-20T07:39:00+0000 Swiss Re announces the successful close of the EUR 329 million European Clean Energy Fund, one of the largest funds of this type in Europe. The Fund, a UN accredited investment vehicle, provides capital to European clean energy projects, which are environmentally beneficial, generate carbon credits or tradable renewable energy certificates. Thu, 12 Apr 2007 14:17:00 GMT Swiss Re 2007-04-12T14:17:00+0000 Swiss Re has today published a new focus report as part of its contribution to industry dialogue on the impact of an influenza pandemic on life insurance business. For a pandemic with a level of severity expected only once every 200 years, Swiss Re estimates excess mortality within an insurance portfolio to be between 1 and 1.5 deaths per 1 000 lives in most developed countries. Thu, 12 Apr 2007 13:23:00 GMT Swiss Re 2007-04-12T13:23:00+0000 Swiss Re has successfully structured and placed USD 150 million of securities covering flood and earthquake catastrophic events in Great Britain, Canada and the United States on behalf of Allianz. Tue, 10 Apr 2007 07:23:00 GMT Swiss Re 2007-04-10T07:23:00+0000 Swiss Re’s life & health embedded value earnings grew by 38% to CHF 2.4 billion, up from CHF 1.7 billion in 2005. Embedded value increased by 13% to CHF 22.6 billion in 2006, up from CHF 20.1 billion in 2005. Value of new business was CHF 664 million in 2006. The internal rate of return for new business was 12.7%. Tue, 03 Apr 2007 12:04:00 GMT Swiss Re 2007-04-03T12:04:00+0000 Insurers play a prominent role in providing private solutions for one of today's most challenging issues: "longevity". Contrary to common belief, longer lives can represent an enormous potential for profitable business, as long as the associated risk management challenges are suitably mastered. Fri, 30 Mar 2007 08:20:00 GMT Swiss Re 2007-03-30T08:20:00+0000 Swiss Re has successfully placed its inaugural sterling benchmark hybrid on the back of strong support from fixed-income investors. Tue, 27 Mar 2007 13:25:00 GMT Swiss Re 2007-03-27T13:25:00+0000 On the occasion of today's International Water Day, Swiss Re is donating CHF 1 million to the International Committee of the Red Cross (ICRC) for a project in North-Western Nepal which aims to re-establish clean and sanitary water supply to the rural population in the region. Thu, 22 Mar 2007 12:32:00 GMT Swiss Re 2007-03-22T12:32:00+0000 After today's decision by the Federal Reserve to hold the target fed funds rate at 5.25%, Swiss Re's US chief economist, Kurt Karl, commented, "The economic indicators continue to be mixed, but clearly inflation is not falling rapidly, so the Federal Reserve Board will need to hold interest rates constant at 5.25% for a few more months. Economic activity is below trend, which is helping ease inflationary pressures, but there has not been sufficient actual decline in inflation for the Fed to cut rates. By mid-year, core CPI inflation is expected to be close to 2.0%, allowing the Fed to ease in August." Wed, 21 Mar 2007 19:19:00 GMT Swiss Re 2007-03-21T19:19:00+0000 Swiss Re today announced the appointment of Paula Patel as Managing Director of its 300-person Shared Services Centre, replacing Anders Ihr who is returning to the company's head office in Zurich after four years in the job. Tue, 20 Mar 2007 14:26:00 GMT Swiss Re 2007-03-20T14:26:00+0000 The Ethiopian Rainwater Harvesting Association (ERHA) has won Swiss Re's 2007 International ReSource Award for Sustainable Watershed Management. The ERHA will receive up to USD 80 000 for the implementation of a rainwater harvesting system to provide access to drinking water to a vulnerable community located in Southern Ethiopia, 600km south of Addis Ababa. The runner-up, a project based in Jamaica, received USD 70 000. Wed, 14 Mar 2007 13:34:00 GMT Swiss Re 2007-03-14T13:34:00+0000 Swiss Re will optimise its legal entity structure in the EU by forming three legal entities, based in Luxembourg, which will serve as risk carriers for most of its European reinsurance and insurance business. The new legal structure will result in more efficient capital management, administration and reporting. Tue, 13 Mar 2007 08:42:00 GMT Swiss Re 2007-03-13T08:42:00+0000 The world's leading reinsurer, Swiss Re, today published a report proposing a public-private partnership approach for the Chinese government's consideration in tackling healthcare financing for China's 1.3 billion people, more than 60% of whom have limited or no access to affordable health protection schemes. Fri, 09 Mar 2007 15:24:00 GMT Swiss Re 2007-03-09T15:24:00+0000 Losses due to natural catastrophes and man-made disasters were below the long-term trend in 2006. Of the USD 48bn in catastrophe-related economic losses, USD 15.9bn was covered by insurance. Insurers have modified their catastrophe simulation models, where appropriate, to bring them into line with higher expected damage, especially in the light of the record loss years 2004/05 and an increasingly volatile climate. Thu, 08 Mar 2007 10:06:00 GMT Swiss Re 2007-03-08T10:06:00+0000 Reference is made to the announcements dated 28 November 2005 and 29 June 2006 regarding the notification by a group (the "Group") originally consisting of Swiss Reinsurance Company ("Swiss Re") and its subsidiaries and General Electric Company, a corporation domiciled in New York, with its business address at 3135 Easton Turnpike, Fairfield, Connecticut 06828, USA ("GE"), General Electric Capital Services, Inc., Stamford, Connecticut, USA, General Electric Capital Corporation, Stamford, Connecticut, USA, and GE Asset Management Incorporated, Stamford, Connecticut, USA (General Electric Capital Services and General Electric Capital Corporation together with GE, the "GE Parties"). As notified on November 28, 2005, Swiss Re and the GE Parties had entered into a Transaction Agreement dated 18 November 2005, which was followed by a Shareholding Agreement dated 9 June 2006 containing, inter alia, certain share transfer restrictions. Tue, 06 Mar 2007 08:29:00 GMT Swiss Re 2007-03-06T08:29:00+0000 Today Swiss Re has re-purchased 16 650 479 or approximately 50% of General Electric’s stake in Swiss Re for CHF 102.96 per share. The purchase price was calculated at a 1% discount to the price which General Electric achieved today in the accelerated bookbuilding at which it sold the remainder of its stake in Swiss Re. Thu, 01 Mar 2007 09:41:00 GMT Swiss Re 2007-03-01T09:41:00+0000 Swiss Re delivered record earnings in 2006. Net income increased 98% to CHF 4.6 billion, or CHF 13.49 per share, resulting in a return on equity of 16.3%. Swiss Re plans to buy back shares for up to CHF 6 billion over the next three years. In a first step, Swiss Re has agreed, subject to market conditions, to re-purchase approximately 50% of General Electric's stake between 1 March and 9 March 2007. In addition, Swiss Re plans a share buy-back over the next three years for the remainder of up to CHF 4 billion. The Board of Directors will propose to the Annual General Meeting a 36% increase in the dividend to CHF 3.40 per share. Thu, 01 Mar 2007 06:00:00 GMT Swiss Re 2007-03-01T06:00:00+0000 Swiss Re has been named by Fast Company magazine as one of the 2007 "Fast 50" - the "magazine's notable annual list recognizing potential influence, business prospects, and ability to call attention to a range of urgent global issues". Mon, 26 Feb 2007 13:31:00 GMT Swiss Re 2007-02-26T13:31:00+0000 Swiss Re has completed the sale of its London office building, 30 St Mary Axe, to an affiliate of the real-estate corporation IVG Immobilien AG for GBP 600 million. Thu, 22 Feb 2007 08:54:00 GMT Swiss Re 2007-02-22T08:54:00+0000 Swiss Re has grown its non-life reinsurance portfolio by CHF 1.3 billion or 14%, which reflects successful renewals of business acquired through the acquisition of Insurance Solutions combined with Swiss Re's continued focus on underwriting quality. Tue, 13 Feb 2007 13:08:00 GMT Swiss Re 2007-02-13T13:08:00+0000 Swiss Re has agreed to sell its London office building, 30 St Mary Axe to an affiliate of the real-estate corporation IVG Immobilien AG for GBP 600 million. The transaction is expected to close in February 2007. Mon, 05 Feb 2007 12:00:00 GMT Swiss Re 2007-02-05T12:00:00+0000 After today's decision by the Federal Reserve to hold the target fed funds rate at 5.25%, Swiss Re's US chief economist, Kurt Karl, commented, "The economy is probably in a soft-landing, but it is too early to declare victory, so the Federal Reserve Board held interest rates constant at 5.25% today. Economic activity has definitely slowed over the past year and inflation appears to be abating, but it is not low enough, nor is the economy weak enough for the Fed to cut rates. By mid-year, core CPI inflation could be as low as 2.0%, which would allow the Fed to ease if the economy is still fragile. Volatile energy prices, slowing growth and the inverted yield curve have increased the risk of recession, so a cut is likely." Wed, 31 Jan 2007 15:59:00 GMT Swiss Re 2007-01-31T15:59:00+0000 Based on preliminary estimates, Swiss Re expects its claims for winter storm Kyrill, net of the benefits of its successful hedging strategy, to be modest at approximately EUR 140 million before tax. Thu, 25 Jan 2007 23:33:00 GMT Swiss Re 2007-01-25T23:33:00+0000 Growth in insurance business in emerging markets continued to outperform in 2005. Strong economic fundamentals and further liberalisation will ensure continued robust growth in the coming years. Agricultural insurance is largely underdeveloped, even though agriculture remains a key sector in many emerging economies. Agricultural insurance schemes, at times leveraging on public-private initiatives, can provide more economic security to the agricultural community and support the sector's development. Thu, 25 Jan 2007 09:39:00 GMT Swiss Re 2007-01-25T09:39:00+0000 In a focus report published today, Swiss Re advocates the establishment of an independent agency to aggregate European claims data and provide the insurance industry with an efficient market loss index for natural catastrophe risks. This industry-wide effort will facilitate the further expansion of the insurance-linked securities (ILS) market in Europe and improve the transparency of natural catastrophe claims data. Mon, 22 Jan 2007 16:52:00 GMT Swiss Re 2007-01-22T16:52:00+0000 Swiss Re has transferred USD 705 million (denominated in USD and Euros) of extreme mortality risk to the capital markets through its Vita Capital securitisation programme. Swiss Re experienced strong interest in this, its third mortality catastrophe bond, which has been issued privately to institutional investors. Part of the issuance will be used to replace cover provided by Swiss Re's first Vita issuance, which expired at the end of 2006, with the balance providing additional protection against extreme mortality risks. Tue, 16 Jan 2007 22:56:00 GMT Swiss Re 2007-01-16T22:56:00+0000 The Global Risks 2007 report released today highlights a growing disconnect between the power of global risks to cause major systemic disruption, and our ability to mitigate them. The annual Global Risks report, published by the World Economic Forum in cooperation with Citigroup, Marsh & McLennan Companies, Swiss Re and the Wharton School Risk Center, suggests that many of the 23 core global risks explored in the report have worsened over the last 12 months, despite growing awareness of their potential impacts. In addition to specific risk mitigation measures, institutional innovations may be needed to create effective responses to a complex risk landscape. Wed, 10 Jan 2007 13:07:00 GMT Swiss Re 2007-01-10T13:07:00+0000 Swiss Re is supporting investments and purchases made by employees that contribute to reducing CO2 emissions. The new "COYou2 reduce and gain" programme is part of Swiss Re's commitments supporting the Clinton Global Initiative. Thu, 04 Jan 2007 07:31:00 GMT Swiss Re 2007-01-04T07:31:00+0000 According to preliminary estimates, natural and man-made catastrophes triggered total economic losses of around USD 40 billion, and cost property insurers worldwide USD 15 billion in 2006. Earthquakes, cold spells, windstorms and also shipping disasters claimed numerous victims. In all, an estimated 30 000 people lost their lives in catastrophes. Wed, 20 Dec 2006 19:20:00 GMT Swiss Re 2006-12-20T19:20:00+0000 Swiss Re has appointed George Quinn as Group Chief Financial Officer and Member of the Executive Committee, effective 1 March 2007. George Quinn, currently Regional Chief Financial Officer for Swiss Re Americas, succeeds Ann Godbehere. Fri, 15 Dec 2006 09:18:00 GMT Swiss Re 2006-12-15T09:18:00+0000 Swiss Re has completed the previously announced acquisition of the UK GE Life business of General Electric Company (GE), having received all necessary regulatory approvals for the transaction. Wed, 13 Dec 2006 23:32:00 GMT Swiss Re 2006-12-13T23:32:00+0000 After today's decision by the Federal Reserve to hold the target fed funds rate at 5.25%, Swiss Re's US chief economist, Kurt Karl, commented, "As expected, the Federal Reserve Board held interest rates constant at 5.25% today. Economic activity has slowed this year, reducing inflationary pressures, just as the Fed had hoped. Currently, the Fed needs to see substantial progress in the actual reduction of inflation before it becomes willing to cut rates. This is expected by mid-2007, when core consumer price inflation is projected to fall below 2.5% year-over-year. To achieve a &lsquo;soft-landing,' which looks feasible, the economy must continue to grow at a moderate pace. However, the slowdown - coupled with volatile oil prices - has increased the risk of recession, so the Fed is walking a very tight line." Tue, 12 Dec 2006 18:52:00 GMT Swiss Re 2006-12-12T18:52:00+0000 Swiss Re sees growth opportunities in the US insurance industry as risks are becoming more complex. That is the message from leading experts at Swiss Re. Mon, 11 Dec 2006 23:07:00 GMT Swiss Re 2006-12-11T23:07:00+0000 Insurance linked securities (ILS) provide insurers with a financing vehicle and a means of transferring risks to the capital market. They increase industry capacity, improve insurers' return on equity, and reduce the volatility of earnings. For fixed-income investors, ILS provide an attractive rate of return that is not correlated with the rest of their portfolio. Structuring costs for such securities are coming down as the market grows rapidly. Mon, 11 Dec 2006 23:03:00 GMT Swiss Re 2006-12-11T23:03:00+0000 Swiss Re today announced that it has signed an agreement with TTK Group and India Value Funds Advisors (IVF) to purchase a 26% stake in TTK Healthcare Services Pvt Ltd (TTKHCS), one of India's leading health insurance third party administrators. Mon, 11 Dec 2006 09:56:00 GMT Swiss Re 2006-12-11T09:56:00+0000 The insurance industry can provide strong opportunities in the emerging markets following large disasters to protect economic development. In particular, public-private partnerships may serve to increase insurance penetration in these economies. For the global insurance industry as a whole, following an “extraordinary” year in 2006, the outlook for 2007 is positive in terms of growth and profitability. Tue, 05 Dec 2006 09:40:00 GMT Swiss Re 2006-12-05T09:40:00+0000 At its second meeting, held today at Swiss Re's Centre for Global Dialogue, the Advisory Panel examined the global energy markets with regard to drivers and implications for energy security, the economic and political environment and financial markets. While many analysts consider the high oil price of recent years to be a risk factor for the global economy, it has led to rising investment in the energy sector, providing opportunities for asset management as well as for risk underwriting. Tue, 28 Nov 2006 08:22:00 GMT Swiss Re 2006-11-28T08:22:00+0000 Swiss Re has successfully placed USD 442 million, denominated in EUR and US dollar, of securities covering catastrophic mortality experience in France, Japan and the United States for the benefit of AXA cessions. Mon, 13 Nov 2006 08:55:00 GMT Swiss Re 2006-11-13T08:55:00+0000 After today's decision by the Federal Reserve to hold the target fed funds rate at 5.25%, Swiss Re's US chief economist, Kurt Karl, commented, "The continuation of the federal funds rate at 5.25% was widely anticipated. The Fed is hoping that this level of interest rates is sufficient to restrain inflation, and it may be right. The housing sector has weakened significantly and auto production is down, as the sector works off inventories. Core consumer price inflation is slowing month-to-month, but not yet on a year-over-year basis, and oil prices have fallen substantially. It is still possible that inflation reasserts itself, causing the Fed to raise rates, but this is increasingly unlikely." Wed, 25 Oct 2006 14:56:00 GMT Swiss Re 2006-10-25T14:56:00+0000 Swiss Re today issued the following statement in connection with the decision by the United States Court of Appeals for the Second Circuit upholding the jury verdict in favor of Swiss Re in the case of SR International Business Insurance Company Ltd. versus World Trade Center Properties, LLC, et al. Wed, 18 Oct 2006 12:43:00 GMT Swiss Re 2006-10-18T12:43:00+0000 Swiss Re has agreed to acquire a group of companies which together comprise the "GE Life" business of General Electric Company (GE). The cash purchase price is GBP 465 million, including GBP 260 million for statutory net assets. The transaction will provide further scale and infrastructure for Swiss Re's Admin ReSM business in the United Kingdom and is Swiss Re's largest Admin ReSM deal to date. Fri, 13 Oct 2006 08:08:00 GMT Swiss Re 2006-10-13T08:08:00+0000 Swiss Re today announced the appointment of Roger W. Ferguson, Jr., as Head of Financial Services and Member of Swiss Re's Executive Committee. Tue, 03 Oct 2006 13:27:00 GMT Swiss Re 2006-10-03T13:27:00+0000 Swiss Re will start informing today its employees on the further staffing decisions taken to capture efficiency gains of at least USD 300 million from the integration of Insurance Solutions. Mon, 25 Sep 2006 08:46:00 GMT Swiss Re 2006-09-25T08:46:00+0000 After today's decision by the Federal Reserve to hold the target fed funds rate at 5.25%, Swiss Re's US senior economist, Arun Raha, commented, "The markets had been expecting the Fed to extend the pause in its rate hikes - and it has not disappointed them. Recent indicators point to an easing in inflationary pressures, but not a complete remission. So the Fed will need at least one more 25 basis point interest rate hike before year end, especially with the economy growing at close to trend, and core inflation still above the Fed's comfort zone." Wed, 20 Sep 2006 18:15:00 GMT Swiss Re 2006-09-20T18:15:00+0000 Swiss Re today confirmed that the company is in the process of evaluating the sale of an interest in 30 St Mary Axe, its London based office building, in an attractive market environment. Fri, 15 Sep 2006 07:48:00 GMT Swiss Re 2006-09-15T07:48:00+0000 After today's pause by the Federal Reserve, Swiss Re's US chief economist, Kurt Karl, commented, "The Fed would like to review the data for a while to decide if there is a need for further increases in interest rates. The economy is growing at close to its average pace of 3%, so inflation pressures should ease. However, the Fed needs at least one more interest rate hike as an insurance policy against a rising inflation. This is the appropriate policy given growth and inflation prospects. Tue, 08 Aug 2006 14:58:00 GMT Swiss Re 2006-08-08T14:58:00+0000 Swiss Re reports successful first half 2006 results with net income of CHF 1.6 billion, up 16% compared to a strong first half of 2005, or CHF 4.92 per share. Annualised return on equity was 13.9% and shareholders’ equity increased 18% to CHF 27.1 billion. Sun, 06 Aug 2006 05:00:00 GMT Swiss Re 2006-08-06T05:00:00+0000 Swiss Re has appointed Thomas Witting as ordinary Board Member of Swiss Re Germany AG. He will head Swiss Re's business for Central, Eastern and Northern Europe with direct market responsibility for Germany, Nordic and Baltic countries. Thomas Witting, currently Head Underwriting Hub Munich, will assume his new responsibilities as of 1 August 2006. Thu, 20 Jul 2006 22:21:00 GMT Swiss Re 2006-07-20T22:21:00+0000 In 2005, the worldwide insurance industry wrote premiums to the tune of USD 3 426 billion. According to a Swiss Re sigma study, life insurance grew by 3.9% and non-life by 0.6%. The 2003/04 trend towards improved capitalisation and profitability continued in 2005 in both life and non-life insurance. Wed, 12 Jul 2006 07:43:00 GMT Swiss Re 2006-07-12T07:43:00+0000 Swiss Re will reduce its global workforce by up to 2 000 positions through lay-offs and natural attrition. Tue, 11 Jul 2006 21:56:00 GMT Swiss Re 2006-07-11T21:56:00+0000 On 28 November 2005, following the signing of the Transaction Agreement of 18 November 2005 regarding the acquisition of GE Insurance Solutions, Swiss Reinsurance Company made a group notification by a group ("Group") consisting of Swiss Reinsurance Company ("Swiss Re") and its subsidiaries and General Electric Company, Fairfield, Connecticut, USA, General Electric Capital Services, Inc., Stamford, Connecticut, USA, General Electric Capital Corporation, Stamford, Connecticut, USA and GE Asset Management Incorporated, Stamford, Connecticut, USA. Thu, 29 Jun 2006 18:00:00 GMT Swiss Re 2006-06-29T18:00:00+0000 After today's 25 basis point Federal Reserve increase in the target fed funds rate to 5.25 percent, Swiss Re's US chief economist, Kurt Karl, commented, "Inflation concerns are forcing the Fed to continue raising interest rates &mdash; another 25 basis point hike in August is likely. The economy is growing at a solid pace, close to trend where the Fed would like to see it. However, with the unemployment rate falling, capacity utilization rising, high oil prices and a weak dollar, core inflation has been rising. The Fed needs to act now to avoid larger inflationary problems later. Thu, 29 Jun 2006 14:51:00 GMT Swiss Re 2006-06-29T14:51:00+0000 Swiss Re has completed the sale of its wholly owned subsidiary Fox-Pitt, Kelton (FPK) to an investor group led by J.C. Flowers and by FPK management. Swiss Re will hold a minority interest in the new company. Thu, 29 Jun 2006 13:20:00 GMT Swiss Re 2006-06-29T13:20:00+0000 Swiss Re's Chief Economist today said that inflation concerns will cause the Fed to raise the federal funds rate to 5.5 percent. Additionally, at the company's Mid-year Economic and Insurance Industry teleconference, Swiss Re's Senior Economist, Thomas Holzheu, asserted that despite record losses, the insurance industry posted solid profits in 2005. Tue, 27 Jun 2006 08:05:00 GMT Swiss Re 2006-06-27T08:05:00+0000 Zurich, 20 June 2006 - The Solvency II Directive will strengthen European insurers' focus on risk/return. According to Swiss Re's latest sigma study, Solvency II will reinforce risk-adequate pricing. An improved supervision framework will benefit both policyholders and insurers. Tue, 20 Jun 2006 13:16:00 GMT Swiss Re 2006-06-20T13:16:00+0000 Swiss Re today announced the appointment of Roger W. Ferguson, Jr., as Chairman of Swiss Re America Holding Corporation and Member of Swiss Re's Executive Board. In this function he succeeds Jacques Dubois who will retire by the end of 2006. Ferguson will also become Swiss Re's Financial Market Strategist, advancing the company's strategy of intermediating insurance risk through the capital markets. He joins Swiss Re from the US Federal Reserve where he served as Vice Chairman of the Board of Governors. Sun, 18 Jun 2006 22:05:00 GMT Swiss Re 2006-06-18T22:05:00+0000 Insurance Instrument Mitigates Kyoto-Related Transaction Risk for Global Carbon Credit Trading. Tue, 13 Jun 2006 07:12:00 GMT Swiss Re 2006-06-13T07:12:00+0000 On Friday, 9 June 2006, Swiss Re completed the acquisition of GE Insurance Solutions. The acquisition creates the world's largest and most diversified global reinsurer. GE Insurance Solutions, which will be integrated into Swiss Re over the next 18 months, adds further momentum to Swiss Re's sustainable earnings growth. Mon, 12 Jun 2006 08:41:00 GMT Swiss Re 2006-06-12T08:41:00+0000 Swiss Re obtains USD 950 million protection against North Atlantic Hurricane, Europe Windstorm, Californian Earthquake and Japan Earthquake through a natural catastrophe protection programme named Successor. Tue, 06 Jun 2006 22:11:00 GMT Swiss Re 2006-06-06T22:11:00+0000 Leading global reinsurer Swiss Re has officially opened the Swiss Insurance Training Centre (HK), to mark the company's 50th year in Asia-Pacific. The Centre provides state-of-the-art courses for insurance and reinsurance professionals from throughout the region. Thu, 18 May 2006 06:59:00 GMT Swiss Re 2006-05-18T06:59:00+0000 Swiss Re has been advised by the Securities Valuation Office of the NAIC that it would preliminarily classify the USD 750 million Preferred Securities recently issued by Swiss Re as common equity for purposes of calculating the statutory risk-based capital requirements of US insurance companies that hold these securities. Thu, 11 May 2006 08:53:00 GMT Swiss Re 2006-05-11T08:53:00+0000 The bookrunning lead managers of Swiss Re's global offering have exercised their over-allotment option in respect of 579 311 new shares at the offer price of CHF 92.25. Wed, 10 May 2006 21:59:00 GMT Swiss Re 2006-05-10T21:59:00+0000 After today's 25 basis point Federal Reserve increase in the target fed funds rate to 5.0 percent, Swiss Re's US chief economist, Kurt Karl, commented, "The economy continues to perform well and inflation remains a concern, so it is not surprising that the Fed raised rates today. They are likely to pause at 5.0 percent for a while, however. The impact of interest rate increases on the economy occurs with a lag, so the Fed needs to pause to gauge the strength of the economy and the risk of higher inflation. If inflation ticks up or growth is too robust, the Fed will need to tighten further. Currently, the risk of a rate cut is low &ndash; there are few signs of economic weakness." Wed, 10 May 2006 17:57:00 GMT Swiss Re 2006-05-10T17:57:00+0000 Swiss Re has successfully placed a total of 13.9 million new shares at CHF 92.25 per share on the back of strong shareholder and investor take-up. This represents another important milestone in the financing of the acquisition of GE Insurance Solutions. Wed, 10 May 2006 08:37:00 GMT Swiss Re 2006-05-10T08:37:00+0000 Swiss Re announced today that in its at-market rights offering, existing shareholders subscribed for 50% of the new shares. As a result of the substantial take-up by Swiss Re's existing shareholders, new shares of up to USD 350 million equivalent will be sold to investors in the global offering to achieve the overall target size for the two offerings of USD 1.0 billion. The bookbuilding period for the global offering runs until 9 May 2006, 18.00 CEDT. Tue, 09 May 2006 08:34:00 GMT Swiss Re 2006-05-09T08:34:00+0000 Swiss Re is on track to complete its external financing for the acquisition of GE Insurance Solutions with the successful placement of USD 2.0 billion equivalent of hybrid capital securities. Swiss Re enjoyed strong support from both European and US fixed-income investors. Thu, 04 May 2006 07:38:00 GMT Swiss Re 2006-05-04T07:38:00+0000 In support of its acquisition of GE Insurance Solutions, Swiss Re today announced the launch of an at market rights offering of approximately USD 1.0 billion. In addition, the company provided further information on its forthcoming hybrid capital offerings. Thu, 27 Apr 2006 08:36:00 GMT Swiss Re 2006-04-27T08:36:00+0000 At Swiss Re’s 142nd Annual General Meeting today shareholders approved the company's 2005 financial statements, with net income after tax of CHF 1.5 billion. They voted in favour of the Board of Directors' proposal to increase this year's dividend by 56% to CHF 2.50 per share. Peter Forstmoser, Chairman of the Board of Directors, Walter B Kielholz, Executive Vice Chairman, and Robert A Scott were re-elected to the Board. Fri, 21 Apr 2006 05:00:00 GMT Swiss Re 2006-04-21T05:00:00+0000 Swiss Re expects to raise USD 3.9 billion instead of USD 4.7 billion in equity securities to fund the GE Insurance Solutions acquisition. In place of the USD 0.8 billion (CHF 1.0 billion) in planned equity, Swiss Re will use internal-generated cash. In addition, the regulatory approval process is well on track for the expected mid-2006 closing of the transaction. John Fitzpatrick, Head of Financial Services, will leave Swiss Re in order to set up a new investment fund with Swiss Re’s support. Swiss Re’s Centre for Global Dialogue creates an advisory panel to explore emerging trends and to provide Swiss Re with strategic insights into its evolving risk landscape. Fri, 21 Apr 2006 05:00:00 GMT Swiss Re 2006-04-21T05:00:00+0000 Swiss Re’s embedded value of its life and health business increased significantly to CHF 20.1 billion in 2005, up from CHF 17.1 billion in 2004. Operating profit from existing business grew 38% to CHF 1.5 billion from CHF 1.1 billion in 2004. Returns on new business increased to 13.1% compared to 12.5% in 2004 for total value added of CHF 283 million in 2005. Tue, 11 Apr 2006 09:06:00 GMT Swiss Re 2006-04-11T09:06:00+0000 The non-life insurance industry posted sound underwriting profits in 2004, according to Swiss Re’s latest "sigma" study. Over the last decade, however, the contribution of underwriting to overall profitability was small, and non-life insurers faced difficulties in earning their cost of capital. Thu, 30 Mar 2006 09:12:00 GMT Swiss Re 2006-03-30T09:12:00+0000 After today's 25 basis point Federal Reserve increase in the target fed funds rate to 4.75 percent, Swiss Re's US chief economist Kurt Karl commented, "though the yield curve is flat-to-inverted, economic growth remains solid and a recession is unlikely. In addition to an inverted yield curve, typically the economy slows rapidly before a recession. However, the latest economic indicators imply robust growth. However, high oil prices and modest wage gains will slow consumer spending this year, lowering US growth to close to 3.0%, compared to 3.5% last year. Tue, 28 Mar 2006 17:58:00 GMT Swiss Re 2006-03-28T17:58:00+0000 Under the banner of its International ReSource Award for Sustainable Watershed Management initiative, Swiss Re grants the winning project in the Philippines USD 80 000. Further, USD 50 000 each go to projects in Cameroon and Bolivia. The award that annually recognises innovative watershed management projects was awarded for the fourth time. Wed, 22 Mar 2006 14:11:00 GMT Swiss Re 2006-03-22T14:11:00+0000 Swiss Re has nominated Bruce Hodkinson as Chief Executive Officer and combined head of its Life & Health and Property & Casualty businesses in Africa. Tue, 21 Mar 2006 22:26:00 GMT Swiss Re 2006-03-21T22:26:00+0000 Swiss Reinsurance Company (Swiss Re), Mythenquai 50/60, 8022 Zurich, announces that, Franklin Resources, Inc., 500 E.Broward Blvd., Ft. Lauderdale, FL 33394, USA, known as Franklin Templeton Investments, holds, through a number of its Group companies listed below, in the capacity of investment manager for mutual funds and clients 15,857,955 registered shares of Swiss Re and fell below the threshold of 5% of the voting rights. Franklin Templeton Investments holds now 4.92% of the voting rights which can be exercised autonomously of the beneficial owners. Mon, 20 Mar 2006 15:55:00 GMT Swiss Re 2006-03-20T15:55:00+0000 Swiss Re's latest Focus report reveals that without greater insurance take-up, China's sustained economic and social development can be threatened due to high natural catastrophe exposure and increasing values at risk. The report, "Natural Hazards in China - Ensuring long-term stability" gives an overview of the natural hazards China faces, highlights factors involved in insuring these risks and illustrates Swiss Re's long experience in managing such risks. Mon, 06 Mar 2006 08:02:00 GMT Swiss Re 2006-03-06T08:02:00+0000 Swiss Re reported net income of CHF 1.5 billion for 2005. In a year characterised by record natural catastrophe events, the underlying business performed well, including an excellent return on investment of 5.7%. Thu, 02 Mar 2006 06:00:00 GMT Swiss Re 2006-03-02T06:00:00+0000 Swiss Re has nominated Martyn Parker as Head of its rapidly expanding Asia-Pacific region. He will continue to be a member of Swiss Re's Executive Board. Wed, 01 Mar 2006 23:10:00 GMT Swiss Re 2006-03-01T23:10:00+0000 At today's Extraordinary General Meeting, shareholders approved Swiss Re's creation of additional equity capital related to the financing of the GE Insurance Solutions acquisition. In addition, John R. Coomber, former Chief Executive Officer of the Swiss Re Group, and Dennis D. Dammerman, previously vice chairman of the board of General Electric Company, were elected to Swiss Re's Board of Directors. Mon, 27 Feb 2006 15:11:00 GMT Swiss Re 2006-02-27T15:11:00+0000 In 2005, more than 97 000 people lost their lives due to natural catastrophes or man-made disasters. The Swiss Re sigma statistics for 2005 counted almost 400 catastrophes, which caused damage totalling more than USD 230 billion. About one third, or USD 83 billion, was covered by insurance. In the previous year, insured catastrophe losses had amounted to USD 48 billion. 2005 turned out to be the costliest year ever for property insurers. Fri, 24 Feb 2006 14:07:00 GMT Swiss Re 2006-02-24T14:07:00+0000 Swiss Re today announced the appointment of Ms Daisy Tsai as Head of the company's Life & Health operations in Taiwan. Thu, 23 Feb 2006 22:57:00 GMT Swiss Re 2006-02-23T22:57:00+0000 Swiss Re continued to improve the quality of its non-life reinsurance portfolio during this year's renewals. The volume of business written grew to CHF 9.3 billion while the focus on technical profitability achieved approximately 7% economic profit improvement. Tue, 14 Feb 2006 22:55:00 GMT Swiss Re 2006-02-14T22:55:00+0000 Swiss Re has reached agreement to sell its wholly owned subsidiary Fox-Pitt, Kelton (FPK) to a new company formed by J.C. Flowers & Co. LLC as well as FPK management. Swiss Re will retain an interest in the new company through convertible preferred shares. Fri, 10 Feb 2006 22:34:00 GMT Swiss Re 2006-02-10T22:34:00+0000 After today's 25 basis point Federal Reserve increase in the target fed funds rate to 4.50 percent, Swiss Re's US senior economist Arun Raha commented, "this rate hike comes as no surprise &mdash; the economy has been growing despite an inverted yield curve, high energy prices, and a squeezed consumer. More rate hikes can be expected at future FOMC meetings - inflation concerns have yet to subside and incoming Chair Ben Bernanke needs to establish his inflation fighting credentials. " Tue, 31 Jan 2006 16:20:00 GMT Swiss Re 2006-01-31T16:20:00+0000 At the World Economic Forum's Annual Meeting today, Swiss Re announced the results of its survey on what senior leaders at multinational corporations see as main risks in 2006 and beyond. The survey polled senior executives in six large, industrial countries: France, Germany, Italy, Japan, the UK and the US. The study, entitled "Swiss Re Corporate Risk Survey: A Global Perspective", highlights computer-based risks, foreign trade and corporate governance as causing the most concern. Wed, 25 Jan 2006 13:33:00 GMT Swiss Re 2006-01-25T13:33:00+0000 Swiss Re has successfully completed its first credit reinsurance securitisation. The EUR 252 million issue benefits Swiss Re by transferring credit insurance risk to the capital markets, thereby increasing Swiss Re's capital efficiency. Mon, 23 Jan 2006 14:02:00 GMT Swiss Re 2006-01-23T14:02:00+0000 Swiss Re Capital Management and Advisory (CMA) today announced the appointment of Brian O’Hearne to the position of Managing Director, Environment & Commodity Markets, where he will be responsible for overseeing the team’s North American activities. He will focus on weather and commodity trading, business and product development and risk management. In his new role, Mr. O’Hearne will report to Juerg Trueb, Swiss Re Global Head of Environmental & Commodity Markets, and Dan Ozizmir, CMA Group Head of Asset-Backed Securities/Insurance Linked Securities and Environmental and Commodity Markets. Mon, 23 Jan 2006 11:56:00 GMT Swiss Re 2006-01-23T11:56:00+0000 Swiss Re today announced the release of "A shake in insurance history - The 1906 San Francisco Earthquake." This research publication was created to mark the centennial year of the 1906 San Francisco Earthquake and Fire, an event that altered the course of the insurance industry and has become a milestone in the annals of natural disasters. The publication was released today to also mark the date of two other significant earthquakes that occurred on January 17: the 1995 Kobe, Japan Earthquake and the 1994 Northridge, California Earthquake. Tue, 17 Jan 2006 22:52:00 GMT Swiss Re 2006-01-17T22:52:00+0000 Consolidation in the global life insurance market is set to accelerate in the coming years. Underlying this trend is an increase in the capital available to life insurers. Cost-cutting and thriving equity markets have strengthened life insurers’ balance sheets. Thu, 05 Jan 2006 09:08:00 GMT Swiss Re 2006-01-05T09:08:00+0000 Following its first transaction in January 2005, Swiss Re has now successfully completed another securitisation of future profits from a portfolio of US life insurance policies. The ALPS transaction is a USD 370 million issue and benefits Swiss Re by transferring insurance risk to the capital markets, thereby increasing capital efficiency. Wed, 28 Dec 2005 20:04:00 GMT Swiss Re 2005-12-28T20:04:00+0000 According to preliminary estimates, more than 112 000 people died worldwide in natural and man-made catastrophes in 2005. These catastrophes triggered total financial losses of around USD 225 billion, an estimated USD 80 billion of which were insured. This made 2005 the costliest year ever for insurers. Tue, 20 Dec 2005 13:29:00 GMT Swiss Re 2005-12-20T13:29:00+0000 Andreas Beerli, CEO of Swiss Re's Property & Casualty business in the Americas, hosted the Company's annual year-end economic and insurance industry review and outlook and led the discussion about current reinsurance landscape in light of this year's hurricane season. Wed, 14 Dec 2005 08:51:00 GMT Swiss Re 2005-12-14T08:51:00+0000 After today's 25 basis point Federal Reserve increase in the target fed funds rate to 4.25 percent, Swiss Re's US chief economist Kurt Karl commented, "as expected the Fed raised rates again. Despite high oil and natural gas prices, economic activity has been solid. More importantly for the Fed, however, inflation concerns remain elevated, due to high energy prices and the impact of Katrina, Rita and Wilma on building material prices. Hence, the Fed will continue to raise rates." Tue, 13 Dec 2005 16:30:00 GMT Swiss Re 2005-12-13T16:30:00+0000 Swiss Re today announced the launch of a CHF 1.0 billion mandatory convertible securities offering due 2008. Thu, 08 Dec 2005 15:16:00 GMT Swiss Re 2005-12-08T15:16:00+0000 Swiss Re today successfully completed the bookbuilding process for a CHF 1.0 billion offering of mandatory convertible securities due 2008. Wed, 07 Dec 2005 23:02:00 GMT Swiss Re 2005-12-07T23:02:00+0000 In an environment of strong insurance growth in the emerging markets, liability insurance outperformed overall non-life business: while overall non-life insurance premiums grew by 5% per year between 1999 and 2003, liability premiums increased at an annual average of 13%. Swiss Re's new sigma report analyses the recent trend and the opportunities and threats it poses for insurers, particularly in Asia, Latin America and Eastern Europe. Fri, 02 Dec 2005 08:48:00 GMT Swiss Re 2005-12-02T08:48:00+0000 On 18 November 2005, Swiss Reinsurance Company, Mythenquai 50/60, CH-8022 Zurich ("Swiss Re") and General Electric Company, 3135 Easton Turnpike, Fairfield, Connecticut 06828, USA ("GE") signed a Transaction Agreement regarding the acquisition of GE Insurance Solutions, Kansas City, Missouri, USA. As result of this agreement, GE was required under Art. 20 of the Swiss Stock Exchange and Securities Trading Act ("SESTA") to notify the number of shares currently held as well as the maximum number of shares in Swiss Re which GE has contractually agreed to acquire upon closing (which is expected to take place mid 2006). Mon, 28 Nov 2005 19:05:00 GMT Swiss Re 2005-11-28T19:05:00+0000 Swiss Reinsurance Company (Swiss Re), Mythenquai 50/60, 8022 Zurich, announces that The Capital Group Companies, Inc., 333 South Hope Street, Los Angeles, CA., USA (Capital Group), held, through a number of its Group companies listed below, in the capacity of investment manager for mutual funds and clients 16,438,374 registered shares of Swiss Re. Capital Group thereby has a voting right of 5.10% of Swiss Re which can be exercised autonomously of the beneficial owners. Tue, 22 Nov 2005 19:25:00 GMT Swiss Re 2005-11-22T19:25:00+0000 Swiss Re today announced it has agreed to acquire GE Insurance Solutions, the fifth largest reinsurer worldwide, from General Electric Company (GE) in a USD 6.8 billion transaction. This financially attractive acquisition adds a strong franchise to Swiss Re, complementing its own strengths. After the closing of the transaction, Swiss Re would have estimated combined revenues of CHF 46 billion (based on 2004 figures) and assets of CHF 265 billion (as of June 2005) and a highly diversified business globally. Fri, 18 Nov 2005 15:14:00 GMT Swiss Re 2005-11-18T15:14:00+0000 Swiss Re today announced a number of key appointments in the Asia and Greater China regions, which will enable the reinsurer to accelerate its growth and cement leadership in these regions. The appointments include: Mon, 14 Nov 2005 22:28:00 GMT Swiss Re 2005-11-14T22:28:00+0000 Swiss Re today announced, that based on current estimates, it expects its aggregate claims for hurricanes Rita and Wilma to be approximately USD 750 million. Tue, 01 Nov 2005 23:06:00 GMT Swiss Re 2005-11-01T23:06:00+0000 After today's 25 basis point Federal Reserve increase in the target fed funds rate to 4.00 percent, Swiss Re's US senior economist Arun Raha commented, "this rate hike was expected &ndash; economic growth has been strong despite the disruption from hurricanes Katrina and Rita. Inflationary pressures, albeit benign, remain a concern. Further increases in interest rates are likely in December and January, taking the fed funds rate to 4.5 percent. Tue, 01 Nov 2005 15:41:00 GMT Swiss Re 2005-11-01T15:41:00+0000 Why are some risks, such as terrorism, a challenge to insure? The key lies in the concept of "insurability". Swiss Re's latest sigma report shows how the insurance industry meets the challenges posed by newly emerging risks and changes to the risk environment. Thu, 27 Oct 2005 13:03:00 GMT Swiss Re 2005-10-27T13:03:00+0000 Swiss Re is a founding member of the ICRC Corporate Support Group initiated by the International Committee of the Red Cross (ICRC). This new group will support the ICRC's global humanitarian endeavours. Fri, 07 Oct 2005 08:47:00 GMT Swiss Re 2005-10-07T08:47:00+0000 Swiss Reinsurance Company (Swiss Re) announces that, on 27 September 2005, The Capital Group Companies, Inc., 333 South Hope Street, Los Angeles, CA., USA (Capital Group), through a number of its Group companies listed below, in the capacity of investment manager for mutual funds and clients, fell below the threshold of 5%. Fri, 30 Sep 2005 18:16:00 GMT Swiss Re 2005-09-30T18:16:00+0000 After today's 25 basis point Federal Reserve increase in the target fed funds rate to 3.75 percent, Swiss Re's US chief economist Kurt Karl commented, "though Katrina has increased uncertainty about economic growth, it is highly likely to increase inflationary pressures in the short run. Hence, this rate hike comes as no surprise. Another increase in interest rates is very likely in November also. By the middle of next year &mdash; if not sooner &mdash; the fed funds rate should reach 4.5 percent. Tue, 20 Sep 2005 14:54:00 GMT Swiss Re 2005-09-20T14:54:00+0000 The Chicago Climate Exchange (CCX) today announced that Swiss Re, one of the world's leading reinsurers and the world's largest life and health reinsurer, will join the Exchange. CCX is North America's first and only multi-sector marketplace for reducing and trading greenhouse gas (GHG) emissions. Mon, 19 Sep 2005 12:32:00 GMT Swiss Re 2005-09-19T12:32:00+0000 Swiss Reinsurance Company (Swiss Re), Mythenquai 50/60, 8022 Zurich, announces that, on 14 September 2005, The Capital Group Companies, Inc., 333 South Hope Street, Los Angeles, CA., USA (Capital Group), held, through a number of its Group companies listed below, in the capacity of investment manager for mutual funds and clients 16,227,618 registered shares of Swiss Re. Capital Group thereby has a voting right of 5.04% of Swiss Re which can be exercised autonomously of the beneficial owners. Mon, 19 Sep 2005 08:03:00 GMT Swiss Re 2005-09-19T08:03:00+0000 Swiss Re today announced the appointment of Takashi Goda as CEO of its Japan Branch, effective 1 October 2005. Thu, 15 Sep 2005 09:05:00 GMT Swiss Re 2005-09-15T09:05:00+0000 Swiss Re today announced that it now expects the total insured loss from Hurricane Katrina for the insurance industry to be in the range of USD 40 billion. Accordingly, Swiss Re estimates its own claims to be in the range of USD 1.2 billion. Mon, 12 Sep 2005 07:35:00 GMT Swiss Re 2005-09-12T07:35:00+0000 Swiss Re announced today it will consolidate operations in Sydney to better serve its clients. As a consequence Swiss Re will close its Melbourne office and transfer all client management and facultative underwriting positions to Sydney. Mon, 12 Sep 2005 07:13:00 GMT Swiss Re 2005-09-12T07:13:00+0000 Swiss Re has once again been named as one of Australia and New Zealand's Best Employers by a study conducted by Hewitt Associates (Hewitt), in partnership with the Australian Graduate School of Management (AGSM) and AFR BOSS magazine. Fri, 09 Sep 2005 12:43:00 GMT Swiss Re 2005-09-09T12:43:00+0000 Swiss Re announced today that based on its preliminary estimate, it expects its claims related to Hurricane Katrina to be in the range USD 500 million (CHF 625 million) before tax. Wed, 31 Aug 2005 13:29:00 GMT Swiss Re 2005-08-31T13:29:00+0000 The cost of capital plays a key role in defining the profitability of insurers, according to Swiss Re's latest "sigma" report. The study found that underwriting profitability is an important driver of investor confidence, together with profitable top line growth and scale of operations. Wed, 31 Aug 2005 08:49:00 GMT Swiss Re 2005-08-31T08:49:00+0000 Swiss Re Financial Products, part of the Capital Management and Advisory unit within Swiss Re has recently transferred two members of its New York structured products desk to Hong Kong. Thu, 25 Aug 2005 11:01:00 GMT Swiss Re 2005-08-25T11:01:00+0000 Swiss Re’s first half 2005 earnings were CHF 1.4 billion. Annualised return on equity was 13%, in line with the target over the cycle. Shareholders’ equity grew 15% to CHF 22 billion, further strengthening Swiss Re’s financial position. The Group’s focus on underwriting profitability led to first half 2005 net premiums declining 4% at constant exchange rates to CHF 13.2 billion. Thu, 25 Aug 2005 05:00:00 GMT Swiss Re 2005-08-25T05:00:00+0000 Swiss Re's Board of Directors has appointed Jacques Aigrain, Chief Executive Officer, effective 1 January 2006. Jacques Aigrain, currently Deputy CEO of Swiss Re, succeeds John Coomber, who will retire as of 31 December 2005. Swiss Re's Board of Directors will propose John Coomber for election to the Board at the annual share-holders' meeting in April 2006. The hand-over in management is aligned with the implementation of Swiss Re's new organisation structure ahead of schedule on 12 September 2005. Wed, 24 Aug 2005 22:24:00 GMT Swiss Re 2005-08-24T22:24:00+0000 After today's 25 basis point Federal Reserve increase in the target fed funds rate to 3.5 percent, Swiss Re's US chief economist Kurt Karl commented, "Growth remains solid and inflationary pressures are rising, so we expect the Open Market Committee to continue raising rates in 25 basis point increments at its September and November meetings and possibly in December also. By the middle of next year, the fed funds rate should reach 4.5 percent. Tue, 09 Aug 2005 18:17:00 GMT Swiss Re 2005-08-09T18:17:00+0000 Swiss Re announces the appointment of Mr Anders Ihr as Managing Director of its fast-growing global Shared Service Centre in Bangalore, taking over from Thomas Zuerrer who returned to the company's Zurich headquarters this month, after five years in the role. Wed, 27 Jul 2005 12:55:00 GMT Swiss Re 2005-07-27T12:55:00+0000 Swiss Re today announced the appointment of Mr Stephen Woodward as Head of its Property & Casualty business for the Middle East, Turkey and South Asia. Mon, 25 Jul 2005 11:07:00 GMT Swiss Re 2005-07-25T11:07:00+0000 Swiss Re has named Debra H. Hall to the newly-created position of Vice President and Regulatory Counsel, Government Relations and Public Policy. Hall, who is responsible for working with government and industry officials on various issues impacting the property & casualty and life & health businesses, will report to Cosette R. Simon, Swiss Re's Senior Vice President, Government Relations and Public Policy. Tue, 12 Jul 2005 08:07:00 GMT Swiss Re 2005-07-12T08:07:00+0000 Swiss Re Capital Management and Advisory (CMA) has named Andreas Gocksch as Head of Market Risk. Gocksch, who will be based in New York, is responsible for managing the global market risk management function in CMA. He reports to Robert Ratcliffe, Head of Risk and Internal Controls for CMA. Tue, 05 Jul 2005 07:40:00 GMT Swiss Re 2005-07-05T07:40:00+0000 Swiss Re is pleased to announce the appointments of Mr William Dalton and Mr Richard Hudson as Independent Non-Executive Directors of Swiss Re GB Plc and other Swiss Re companies in the UK with effect from 1 July 2005. Thu, 30 Jun 2005 14:19:00 GMT Swiss Re 2005-06-30T14:19:00+0000 Swiss Re's chief economist said today that with an expected modest rise in inflation accompanied by firm economic growth, the Federal Reserve will continue to raise interest rates, pushing the federal funds rate to 4.5 percent by the middle of next year. Thu, 30 Jun 2005 07:55:00 GMT Swiss Re 2005-06-30T07:55:00+0000 The insurance industry continued to expand and regain financial strength during 2004, according to Swiss Re's latest "sigma study". Globally, inflation-adjusted premiums rose by 2.3%, to USD 3 244bn. Key highlights of 2004 were: the return to growth in the life business and the positive underwriting results achieved by non-life insurers. Looking forward, 2005 is likely to see growth gain momentum in life but decelerate in non-life insurance. Thu, 23 Jun 2005 07:33:00 GMT Swiss Re 2005-06-23T07:33:00+0000 At today’s Investors’ day, Swiss Re will provide further disclosure on its risk management approach and its very strong capital adequacy. Swiss Re will also provide an update on its property & casualty business which shows that the business continues to provide good returns. Wed, 15 Jun 2005 11:15:00 GMT Swiss Re 2005-06-15T11:15:00+0000 At today’s Investors’ day, Swiss Re will provide further disclosure on its risk management approach and its very strong capital adequacy. Swiss Re will also provide an update on its property & casualty business which shows that the business continues to provide good returns. Thu, 02 Jun 2005 12:23:00 GMT Swiss Re 2005-06-02T12:23:00+0000 Swiss Re is sponsoring the Tate Modern Herzog & de Meuron exhibition demonstrating its commitment to great design, art and architecture. Mon, 30 May 2005 22:25:00 GMT Swiss Re 2005-05-30T22:25:00+0000 At Swiss Re's 141st Annual General Meeting today shareholders officially approved the company's 2004 financial statements with net income after tax of CHF 2.5 billion. They also approved the Board of Directors' proposal to increase this year's dividend to CHF 1.60 per share. Jakob Baer was elected to the Board of Directors. Sun, 08 May 2005 22:26:00 GMT Swiss Re 2005-05-08T22:26:00+0000 Swiss Re Capital Markets has named Stefano Sola senior vice president, sales, ILS Group. Sola, who reports to Judith Klugman, managing director, is responsible for the sales and marketing of insurance-linked securities and asset-backed products. Sun, 08 May 2005 22:06:00 GMT Swiss Re 2005-05-08T22:06:00+0000 Following today's 25 basis point Federal Reserve increase in the target fed funds rate to 3.0 percent, Swiss Re's US senior economist David Laster commented, "This afternoon's widely anticipated 25-point rate hike reflects the Fed's ongoing concern about CPI inflation, which has ticked up from 1.7 percent to 3.1 percent in the past 12 months. Because the Fed's chief responsibility is to assure price stability, defined as the absence of appreciable overall inflation, we expect the Open Market Committee to continue raising rates in 25 basis point increments at its next four meetings. Tue, 03 May 2005 18:27:00 GMT Swiss Re 2005-05-03T18:27:00+0000 Two water projects, one from China and one from Ecuador, have each won USD 50 000 to support water sanitation measures in their respective regions. Swiss Re will present its third International ReSource Award today at an award ceremony at the Swiss Re Centre for Global Dialogue in R&uuml;schlikon, Switzerland. Mon, 02 May 2005 14:20:00 GMT Swiss Re 2005-05-02T14:20:00+0000 Swiss Re reports embedded value of its life and health business of CHF 17.1 billion in 2004, up from CHF 16.0 billion in 2003. The increased embedded value earnings of CHF 2.0 billion represent a return on embedded value of 13%. The value added by new business more than doubled to CHF 666 million, driven by increased investment in Admin ReSM and the excellent new business margins achieved in 2004. Wed, 27 Apr 2005 12:04:00 GMT Swiss Re 2005-04-27T12:04:00+0000 Swiss Re Life & Health Canada is moving its offices to a new location, effective Monday, April 18. The new office address is: Wed, 13 Apr 2005 12:27:00 GMT Swiss Re 2005-04-13T12:27:00+0000 After today's 25 basis point Federal Reserve increase in the target fed funds rate to 2.75 percent, Swiss Re's US senior economist David Laster commented, "this marks the Fed's seventh consecutive 25-point rate hike. The real fed funds rate is now positive, but quite low according to most inflation measures. We therefore expect the Open Market Committee to continue raising rates in 25 basis point increments at its next five meetings. Tue, 22 Mar 2005 18:51:00 GMT Swiss Re 2005-03-22T18:51:00+0000 Swiss Re’s net income increased to CHF 2.5 billion or CHF 8.00 per share in 2004. All three business groups contributed to the strong performance and an excellent 5.8% return on investments further enhanced Swiss Re’s 2004 earnings. Thu, 17 Mar 2005 06:00:00 GMT Swiss Re 2005-03-17T06:00:00+0000 Global firms have not forgotten the plight of Filipinos whose lives were devastated by the December 2004 typhoons. The Swiss Reinsurance Company is donating Php 2.8 million (USD50,000) to this cause, half which will go to Ateneo de Manila University for the rebuilding of homes in Gabaldon, Nueva Ecija; with the balance designated for the "Save the La Mesa Watershed Project" initiated by ABS-CBN Foundation as a step to prevention of future landslides. Thu, 10 Mar 2005 07:34:00 GMT Swiss Re 2005-03-10T07:34:00+0000 Thanks to a partnership of Swiss Re and the Swiss Government represented by "Presence Switzerland", visitors to "The Mountain" pavilion at the World Expo 2005 in Aichi, Japan will gain insight into the Swiss cultural identity. Mon, 07 Mar 2005 08:37:00 GMT Swiss Re 2005-03-07T08:37:00+0000 Swiss Re today announced the appointment of Mr Qin Lu as General Manager of the company's Malaysia Branch. Tue, 01 Mar 2005 22:53:00 GMT Swiss Re 2005-03-01T22:53:00+0000 More than 300 000 people died in natural and man-made catastrophes in 2004 &ndash; the tsunami in the Indian Ocean alone left 280 000 dead or missing. According to the latest study by Swiss Re, catastrophes caused insured losses totalling USD 49bn worldwide; most of this figure was due to windstorms in the US and Japan. Tue, 01 Mar 2005 13:57:00 GMT Swiss Re 2005-03-01T13:57:00+0000 Swiss Re's latest initiative to raise public awareness about sustainability comes in the form of an inspiring TV documentary entitled 'The Great Warming'. Supported by Swiss Re and narrated by Alanis Morissette and Keanu Reeves, the documentary is a three-part series which explores not only the underlying science of climate change but the solutions that will lead to a truly sustainable future. The three episodes of 'The Great Warming' will be aired on TVB Pearl at 9:30p.m. on 1, 8 and 15 March respectively. Thu, 24 Feb 2005 08:52:00 GMT Swiss Re 2005-02-24T08:52:00+0000 The China Insurance Regulatory Commission (CIRC) has licensed China Re Asset Management Company Limited (CRAMC) as the country's first insurance asset manager with a foreign shareholder, Swiss Re Asset Management Asia Ltd. Fri, 18 Feb 2005 08:25:00 GMT Swiss Re 2005-02-18T08:25:00+0000 Swiss Re's continued focus on profitable underwriting achieved attractive rates in the January renewal. Premium volume decreased slightly by 2%. Mon, 14 Feb 2005 13:26:00 GMT Swiss Re 2005-02-14T13:26:00+0000 After today's 25 basis point (bp) Federal Reserve increase in the target fed funds rate to 2.5 percent, Swiss Re chief economist Kurt Karl commented, "Slow and steady wins the race. We still believe that the Fed's most likely course of action is consecutive 25 bp increases at the next six FOMC meetings. This will boost the funds rate to 4 percent, or 2 percent above core inflation. Wed, 02 Feb 2005 19:20:00 GMT Swiss Re 2005-02-02T19:20:00+0000 Swiss Re has successfully completed its first securitisation of future profits from a portfolio of US life insurance policies. The USD 245 million issue benefits Swiss Re by transferring insurance risk to the capital markets, thereby increasing capital efficiency. Fri, 21 Jan 2005 10:03:00 GMT Swiss Re 2005-01-21T10:03:00+0000 Swiss Re currently expects its claims related to the tragic tsunamis (seismic sea waves) triggered by the massive undersea earthquake near Indonesia to be below CHF 100 million. Thu, 30 Dec 2004 20:08:00 GMT Swiss Re 2004-12-30T20:08:00+0000 According to preliminary Swiss Re "sigma" estimates, more than 21,000 people around the world lost their lives as a result of natural and man-made catastrophes in 2004. The catastrophes caused overall economic losses of about USD 105 billion worldwide. Property insurers across the globe had to contend with claims of approximately USD 42 billion. Thu, 16 Dec 2004 12:31:00 GMT Swiss Re 2004-12-16T12:31:00+0000 Following today's announcement that the Federal Reserve Board would raise the target federal funds rate 25 basis points to 2.25 percent, Swiss Re chief economist Kurt Karl said, "Another meeting, another rate hike, expect more of the same in 2005. Though there continues to be concern about the strength of the economic expansion, growth is sufficiently robust for the Fed to continue raising the federal funds rate. The Fed still needs to get this rate to about 4.0 percent or two percent above core inflation. It continues to be our view that the Fed will do this with 25 basis-point hikes at each of the next seven FOMC meetings. Tue, 14 Dec 2004 16:24:00 GMT Swiss Re 2004-12-14T16:24:00+0000 Andreas Beerli, Head of Swiss Re’s Property & Casualty business in the Americas, speaking today at Swiss Re’s annual year-end economic and insurance industry review and outlook, asserted that property & casualty reinsurance industry remains strong. Tue, 14 Dec 2004 12:45:00 GMT Swiss Re 2004-12-14T12:45:00+0000 From the beginning of 2005, all listed insurers in the European Union (EU) will be required to comply with International Financial Reporting Standards (IFRS). The latest Swiss Re sigma study, "The impact of IFRS on the insurance industry", finds that while the standards will increase transparency, they may also bring higher earnings and capital volatility. Tue, 14 Dec 2004 09:48:00 GMT Swiss Re 2004-12-14T09:48:00+0000 Swiss Re announced today that its Australian and New Zealand Property & Casualty reinsurance and insurance liabilities will be assumed by the Australian branch of Swiss Reinsurance Company. This will become effective 1 January 2005. Fri, 10 Dec 2004 07:52:00 GMT Swiss Re 2004-12-10T07:52:00+0000 Swiss Reinsurance Company (Swiss Re), Mythenquai 50/60, 8022 Zurich, announces that, on 30 November 2004, the voting rights of Swiss Re held by The Capital Group Companies, Inc., through a number of its Group companies listed below, in the capacity of investment manager for mutual funds and clients, fell below the threshold of 5%. Tue, 07 Dec 2004 16:22:00 GMT Swiss Re 2004-12-07T16:22:00+0000 Change as such is continually accelerating, possible consequences tend to be greater and increasing uncertainty is rendering risks less calculable. If we are to manage future risks successfully, we must learn to recognise the changes in the risk landscape earlier and influence them systematically in their infancy. The risk landscape of the future, the latest title in the Risk perception series published by Swiss Re, examines how today's society can shape the future by taking advantage of its opportunities and mastering the risks they entail. This will require a more active dialogue among the individual stakeholders. Mon, 06 Dec 2004 09:55:00 GMT Swiss Re 2004-12-06T09:55:00+0000 The insurance industry in Asia is set to regain its financial strength as continued economic growth drives both business and personal insurance needs, said Swiss Reinsurance Company today. Swiss Re, one of the world's leading reinsurers and the world's largest life and health reinsurer sees real growth of 5.9% in non-life and 8.4% in life premiums in Asia outside Japan in 2005. Thu, 02 Dec 2004 09:40:00 GMT Swiss Re 2004-12-02T09:40:00+0000 Swiss Re's eighth survey of economists' opinions shows they consider stock market risk to be substantial. The "Economic Risk Survey", conducted in October, also indicated that the outlook for growth has slightly deteriorated since the last survey in April. Wed, 01 Dec 2004 08:27:00 GMT Swiss Re 2004-12-01T08:27:00+0000 Swiss Re held its annual review and outlook on insurance markets today. The life and non-life industry's 2004 return to profitability will continue. Growth will be lower than that achieved in 2004, however, as rates reach their peak. Wed, 01 Dec 2004 06:04:00 GMT Swiss Re 2004-12-01T06:04:00+0000 Swiss Re has won this year's Asian Reinsurer of the Year Award, organized by the industry magazines Asia Insurance Review and The Review. Thu, 25 Nov 2004 08:33:00 GMT Swiss Re 2004-11-25T08:33:00+0000 This year saw an unusually high number of hurricanes and typhoon events. While the events may have been extraordinary, the impact on insurers has been controllable through a process of event-based risk analysis. The publication, 'The 2004 hurricane season: unusual, but not unexpected' demonstrates how Swiss Re's robust event-based risk analysis successfully withstood the challenge. Tue, 23 Nov 2004 13:30:00 GMT Swiss Re 2004-11-23T13:30:00+0000 Swiss Re will today present to investors its risk management framework which determines the Group's required capital and capital adequacy. Swiss Re will also be providing additional insights on the economics of its Property & Casualty Business Group. Tue, 23 Nov 2004 08:45:00 GMT Swiss Re 2004-11-23T08:45:00+0000 Swiss Re has received requests from the United States Securities and Exchange Commission (SEC) and the New York State Attorney General to provide documentation relating to non-traditional insurance products. Swiss Re may receive similar requests from other governmental or regulatory authorities. Swiss Re has not been named or referred to in any lawsuit relating to this investigation. Swiss Re will cooperate fully with all such requests. Fri, 19 Nov 2004 08:26:00 GMT Swiss Re 2004-11-19T08:26:00+0000 Following today's announcement that the Federal Reserve Board would raise the target federal funds rate 25 basis points to 2.0 percent, Swiss Re chief economist Kurt Karl said, "The Fed today continued its march, at a measured pace, towards neutral monetary policy by raising the federal funds rate another notch to 2.0 percent. Though there has been some concern about the robustness of economic activity recently, this was dispelled by the strong employment report on Friday. Consistent with our steadfast forecast, the futures market is now pricing in rate hikes in December, February and March. Wed, 10 Nov 2004 19:18:00 GMT Swiss Re 2004-11-10T19:18:00+0000 Liability systems throughout the world are growing increasingly costly, according to Swiss Re's latest sigma report. The study, "The economics of liability losses - insuring a moving target", examines the development of liability claims and its drivers. Thu, 28 Oct 2004 06:48:00 GMT Swiss Re 2004-10-28T06:48:00+0000 To maintain a system of sustainable insurance for the aviation industry, pricing must reflect the cost of capital to insurers. This is the conclusion of Swiss Re's new study on aviation insurance. Mon, 25 Oct 2004 21:51:00 GMT Swiss Re 2004-10-25T21:51:00+0000 Emerging markets will be at the frontier of insurance in the 21st century, according to the latest study from Swiss Re's sigma series. Non-life premiums collected in emerging markets are expected to double from USD 123 billion in 2003 to around USD 250 billion by 2014, at constant prices. Life premiums will increase even faster from USD 188 billion to USD 450 billion over the same period. The sigma study identifies China and India as the most promising insurance markets. Wed, 06 Oct 2004 22:27:00 GMT Swiss Re 2004-10-06T22:27:00+0000 Swiss Re announced today that, based on current estimates, it expects its claims related to Hurricane Jeanne to be approximately USD 150 million before tax. Wed, 06 Oct 2004 22:14:00 GMT Swiss Re 2004-10-06T22:14:00+0000 Swiss Re announced today that, based on current estimates, it expects its claims related to Hurricane Ivan and Typhoon Songda to be approximately USD 300 million before tax. This is in addition to estimated aggregate claims of USD 290 million before tax for Hurricanes Charley and Frances. Given the high frequency and severity of this year's storm season, Swiss Re may use some of its claims equalisation reserves to absorb part of the financial impact of these events. Thu, 23 Sep 2004 22:12:00 GMT Swiss Re 2004-09-23T22:12:00+0000 Following today's announcement that the Federal Reserve Board would raise the target federal funds rate 25 basis points to 1.75 percent, Swiss Re chief economist Kurt Karl said, "The Fed today reinforced its often-mentioned intent to raise the federal funds rate to a more neutral level, by raising the rate to 1.75 percent. Though the economy has been somewhat sluggish and inflation benign, the Fed must raise this rate roughly two percentage points above inflation, or to about 4.0 percent, by the end of 2005. Tue, 21 Sep 2004 15:23:00 GMT Swiss Re 2004-09-21T15:23:00+0000 Swiss Re has today published "Business interruption insurance," the latest study in its technical publishing series. The study underlines the importance of sophisticated risk analysis, adequate product design and prudent underwriting. It also notes that close collaboration between the insurer and the client is a key factor in meeting the business interruption challenge. Fri, 10 Sep 2004 13:28:00 GMT Swiss Re 2004-09-10T13:28:00+0000 Swiss Re announced today that based on current estimates, it expects its aggregate claims related to the hurricanes Charley and Frances to be below USD 300 million before tax. These events will not change Swiss Re's positive outlook for 2004 and its combined ratio target for the full year of 96%. Tue, 07 Sep 2004 22:14:00 GMT Swiss Re 2004-09-07T22:14:00+0000 Swiss Re's net income doubled to CHF 1.4 billion in the first half 2004. Total premiums earned were CHF 14.1 billion, a decline of 2% on 2003, as Swiss Re continued to underwrite selectively and focus on profitability. Swiss Re posted a strong return on equity of 15.6%, as shareholders' equity increased to CHF 19.4 billion from CHF 18.5 billion at the end of 2003. All business groups contributed to the strong performance, which was supported by an excellent investment result. Thu, 26 Aug 2004 05:00:00 GMT Swiss Re 2004-08-26T05:00:00+0000 Swiss Re announced today that based on preliminary market estimates, it expects its claims related to Hurricane Charley to be below USD 200 million before tax. At this level of claims, Charley would not alter Swiss Re's positive outlook for the 2004 results. Thu, 19 Aug 2004 10:59:00 GMT Swiss Re 2004-08-19T10:59:00+0000 Following today's announcement that the Federal Reserve Board would raise the target federal funds rate 25 basis points to 1.50 percent, Swiss Re chief economist Kurt Karl said, "Despite some softness in the economy, the Fed revealed its resolve today to raise interest rates at a 'measured' pace. To restrain a potential increase in inflation, the Fed needs to raise the federal funds rate to about two percentage points above inflation, close to 4.0 percent, by the end of 2005. Tue, 10 Aug 2004 18:28:00 GMT Swiss Re 2004-08-10T18:28:00+0000 Singapore: Swiss Re today announced the appointment of Dr Reto Brosi as Principal Officer of the company's Singapore Branch. Mon, 19 Jul 2004 22:16:00 GMT Swiss Re 2004-07-19T22:16:00+0000 Swiss Reinsurance Company (Swiss Re), Mythenquai 50/60, 8022 Zurich, announces that, on 5 July 2004, Franklin Resources, Inc., 500 E.Broward Blvd., Suite 2100 Ft. Lauderdale, FL 33394-3091, USA, known as Franklin Templeton Investments, held, through a number of its Group companies listed below, in the capacity of investment manager for mutual funds and clients 16,293,246 registered shares of Swiss Re. Franklin Templeton Investments thereby has a voting right of 5.06% of Swiss Re which can be exercised autonomously of the beneficial owners. Thu, 08 Jul 2004 07:53:00 GMT Swiss Re 2004-07-08T07:53:00+0000 Swiss Re today announced that it has been granted a reinsurance branch licence from the Taiwan Ministry of Finance. Swiss Re is the first international reinsurance company to operate a branch in Taiwan. Tue, 06 Jul 2004 12:35:00 GMT Swiss Re 2004-07-06T12:35:00+0000 Swiss Re, the world's largest life and health reinsurer, announced today it is to acquire the shares of Life Assurance Holding Corporation Limited (LAHC), including its life insurance subsidiary Windsor Life Assurance Company Limited, for GBP 333 million in cash. The transaction will provide additional scale and infrastructure for Swiss Re's Admin ReSM business in the United Kingdom. Thu, 01 Jul 2004 12:10:00 GMT Swiss Re 2004-07-01T12:10:00+0000 Swiss Re announces the launch of an offering of mandatory convertible securities due 2007, which is expected to generate proceeds of approximately EUR 640 million. The offering will in part refinance existing debt and further increases Swiss Re's financial strength. The instrument will rely on share capital already approved in 2001. Thu, 01 Jul 2004 11:56:00 GMT Swiss Re 2004-07-01T11:56:00+0000 Swiss Re has today successfully completed the bookbuilding process for its offering of three year mandatory convertible securities. The offering is expected to generate proceeds of EUR 640 million. The transaction will refinance maturing debt and further increases Swiss Re's financial strength. The instrument will rely on share capital already approved in 2001. Wed, 30 Jun 2004 22:22:00 GMT Swiss Re 2004-06-30T22:22:00+0000 Following today's announcement that the Federal Reserve Board would raise the target federal funds rate 25 basis points to 1.25 percent, Swiss Re chief economist Kurt Karl said, "Strong growth in the US economy coupled with a rise in inflation has induced the Fed into tightening monetary policy. This is the first in many rate hikes, which will likely take the federal funds rate to 2.25 percent at the end of this year and 4.0 percent by the end of 2005. Wed, 30 Jun 2004 17:59:00 GMT Swiss Re 2004-06-30T17:59:00+0000 Tokyo, 28 June 2004 - Swiss Re has appointed Stephan Wirz to Head of Property & Casualty, Swiss Re Japan branch. He replaces Taiichi Nakajima who becomes Chief Operating Officer and Head of Shared Services of the Japan branch. These appointments, effective 1 August 2004, will add to the strength of the newly opened branch operations in Tokyo. Mon, 28 Jun 2004 08:43:00 GMT Swiss Re 2004-06-28T08:43:00+0000 Swiss Re has appointed Andreas Bollmann as Head of Korea Branch and Head of Swiss Re's property and casualty business in the country. The appointment is effective 1 July 2004. Mr. Bollmann succeeds Stephan Wirz, who will transfer to Tokyo as Head, Property & Casualty, Swiss Re Japan Branch. Mon, 28 Jun 2004 07:06:00 GMT Swiss Re 2004-06-28T07:06:00+0000 The direct insurance industry is on the road to recovery with further progress expected this year, according to Swiss Re's latest sigma study. Worldwide premiums for life and non-life insurance grew by an inflation-adjusted 2% to USD 2 941 billion in 2003. sigma's annual review of developments in world insurance shows premiums and results in non-life business increased markedly in 2003. Life insurers reported improved profitability despite a slight decline in premium income. The recovery is set to continue in 2004. Thu, 24 Jun 2004 21:48:00 GMT Swiss Re 2004-06-24T21:48:00+0000 Swiss Re has named Christian Mumenthaler as Chief Risk Officer of Swiss Re Group, succeeding Bruno Porro who will retire at the end of 2004. In addition Swiss Re has announced that Charlotte Gubler will become Head of Communication & Human Resources, succeeding Walter Anderau who will become Chairman of Swiss Re's Centre for Global Dialogue based in Rüschlikon. The changes will be effective 1 January 2005. Thu, 03 Jun 2004 13:06:00 GMT Swiss Re 2004-06-03T13:06:00+0000 Tokyo, 19 May 2004 - Swiss Re announced the appointment of Russell Higginbotham to head its Life & Health Business Group for Japan and Korea. He takes over from John Lockyer, who retires in July 2004. Mr Higginbotham will become a member of the Life Executive Team, Asia, which is responsible for the development and implementation of initiatives in the life and health reinsurance markets throughout the Asia region. Wed, 19 May 2004 12:58:00 GMT Swiss Re 2004-05-19T12:58:00+0000 Tokyo, 19 May 2004 - Swiss Re CEO John Coomber officially opened the company's Japan branch in Tokyo yesterday. The first of the leading global reinsurers to run a fully fledged branch in Japan, Swiss Re will provide nationwide reinsurance services in both Life & Health and Property & Casualty to Japan's insurance market. Wed, 19 May 2004 12:19:00 GMT Swiss Re 2004-05-19T12:19:00+0000 Swiss Re's seventh survey of economists' opinions shows that concern about a sharp decline in stock markets is abating, when compared to the previous survey conducted in October 2003. The 'Economic Risk Survey', conducted in April, also indicated that while worries of a sharp devaluation of the dollar versus the euro are declining, the risks of higher inflation in the US are increasing. Tue, 18 May 2004 13:12:00 GMT Swiss Re 2004-05-18T13:12:00+0000 At Swiss Re's 140th Annual General Meeting today shareholders officially approved last year's CHF 1.7 billion net profit. Shareholders also approved the Board of Directors' proposal to increase this year's dividend to CHF 1.10 per share. Kaspar Villiger, former Federal Councillor and member of the Swiss government from 1989 to 2003, was elected to the Board of Directors. George L. Farr and Rajna Gibson stood for re-election and were elected for a further four-year term. Fri, 14 May 2004 05:00:00 GMT Swiss Re 2004-05-14T05:00:00+0000 The use of nanotechnology in industrial and commercial production, although still in its infancy, is growing rapidly. Swiss Re addressed the opportunities and risks of nanotechnology at a media conference in London as part of its contribution to open risk dialogue. The publication "Nanotechnology: Small matter, many unknowns" is now available Mon, 10 May 2004 08:37:00 GMT Swiss Re 2004-05-10T08:37:00+0000 Swiss Re today issued the following statement in connection with the jury verdict in the U.S. District Court, Southern District of New York, in the case of SR International Business Insurance Company Ltd. v. World Trade Center Properties, LLC, et al. Mon, 03 May 2004 12:17:00 GMT Swiss Re 2004-05-03T12:17:00+0000 wiss Re said today that it has completed its previously announced Admin ReSM acquisition of CNA Financial Corp.'s individual life insurance business for approximately USD 700 million. The inforce business, which will be put into run-off, includes term, universal and permanent life insurance policies and individual annuity products. Fri, 30 Apr 2004 13:19:00 GMT Swiss Re 2004-04-30T13:19:00+0000 The TV series "The Great Warming" supported by Swiss Re is premiering this week on Discovery Channel in Canada. The global TV project is part of Swiss Re's "Sharing Solutions" initiative that raises public awareness on issues dedicated to a sustainable future. The documentary shows the effect of climate change. Fri, 23 Apr 2004 06:32:00 GMT Swiss Re 2004-04-23T06:32:00+0000 The increasing prevalence of obesity is too significant for the life insurance industry to ignore, according to a Swiss Re study published today. The report analyses the impact of obesity on mortality trends, and identifies the implications of this escalating global epidemic on the pricing and underwriting of life insurance products. Tue, 06 Apr 2004 12:37:00 GMT Swiss Re 2004-04-06T12:37:00+0000 Swiss reinsurer Swiss Re presented its second ReSource Award for Sustainable Watershed Management on Monday. The award of USD 75,000 goes to a project in Vietnam. In her speech during the award ceremony at the Centre of Global Dialogue, Swiss Foreign Minister Micheline Calmy-Rey praised Swiss Re's collaboration with environmental organisations and governments. Mon, 05 Apr 2004 21:35:00 GMT Swiss Re 2004-04-05T21:35:00+0000 Brokers face greater demand for their services as the complexity of risk increases, according to Swiss Re's latest sigma study. Entitled 'Commercial insurance and reinsurance brokerage - love thy middleman', it examines developments in the key broker-markets for non-life commercial insurance and reinsurance and shows how the role of the broker has evolved over the last 20 years. The report also considers issues such as consolidation, patterns in profitability, and long-term prospects for the global brokerage industry. Wed, 31 Mar 2004 22:23:00 GMT Swiss Re 2004-03-31T22:23:00+0000 John Coomber, Swiss Re's Chief Executive Officer comments: 'Swiss Re's 2003 results reflect good performance from all three business groups. Property and casualty lines in particular developed positively reflecting favourable market conditions. We expect further improvements across the Group in 2004.' Wed, 24 Mar 2004 23:29:00 GMT Swiss Re 2004-03-24T23:29:00+0000 Swiss Re today announced that it has been granted permission by the Taiwan Ministry of Finance to begin the licensing process for a branch office in Taiwan. Fri, 19 Mar 2004 08:01:00 GMT Swiss Re 2004-03-19T08:01:00+0000 According to updated figures from Swiss Re, 60,000 people worldwide were killed by natural and man-made catastrophes in 2003. Over two thirds of these were the victims of earthquakes. According to the latest sigma report published today, overall economic losses from catastrophes in 2003 amounted to an estimated USD 70 billion. Property insurers across the globe had to contend with losses of some USD 18.5 billion. Wed, 03 Mar 2004 09:06:00 GMT Swiss Re 2004-03-03T09:06:00+0000 Swiss Re has appointed Benjamin Meuli as Chief Investment Officer and Member of the Executive Board of Swiss Re. Tue, 02 Mar 2004 22:45:00 GMT Swiss Re 2004-03-02T22:45:00+0000