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Buffett ready to invest US$2.6b in Swiss Re
Source: Agencies |
February 6, 2009, Friday
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Print Edition
Print Edition
SWISS Reinsurance Co said yesterday it will get a fund injection of 3 billion Swiss francs (US$2.6 billion) from financier Warren Buffett after warning investors it expects to lose 1 billion francs for the full year.
The company, which based its expected net loss on preliminary figures, said it will seek a further 2 billion francs on the capital markets.
Investors reacted to the news by dumping its stock, which fell 16.78 percent to 25.1 francs on the Zurich exchange yesterday morning.
"We are disappointed with our overall results in 2008, but our core business ?? Property and Casualty and Life and Health ?? is performing well," said Chief Executive Jacques Aigrain. "We have taken steps to protect our capital strength to ensure the continued trust of our clients. Warren Buffett's agreement to invest in Swiss Re is a testament to the strength of our franchise."
Writedowns of about 6 billion francs for the full year will offset Swiss Re's strong underwriting performance, the company said.
The company, which based its expected net loss on preliminary figures, said it will seek a further 2 billion francs on the capital markets.
Investors reacted to the news by dumping its stock, which fell 16.78 percent to 25.1 francs on the Zurich exchange yesterday morning.
"We are disappointed with our overall results in 2008, but our core business ?? Property and Casualty and Life and Health ?? is performing well," said Chief Executive Jacques Aigrain. "We have taken steps to protect our capital strength to ensure the continued trust of our clients. Warren Buffett's agreement to invest in Swiss Re is a testament to the strength of our franchise."
Writedowns of about 6 billion francs for the full year will offset Swiss Re's strong underwriting performance, the company said.
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