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Tuesday, November 03, 2009
Swiss Re Returns To Profit
By Steve Goldstein
MarketWatch Pulse
LONDON -- Swiss Re swung to a 334 million Swiss franc profit in the third quarter, helped by growing profits in property and casualty, a return to profit in life and health and fewer markets-related losses. Swiss Re had lost 304 million francs in the prior-year period, and the 2009 third quarter included 706 million francs of mark-to-market losses on corporate bond hedges and by impairments of 263 million francs, mainly in the securitized products portfolio. While the market fundamentals point towards higher prices for January renewals, restored industry capital and the absence of hurricanes may partially delay the market correction.
Copyright © 2009 MarketWatch, Inc.
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