Latest Swiss Re Headlines
All the headlines from our Swiss Re Topic Page, ordered by recency.
S&P Rates Mexican Quake Cat Bond Managed by Swiss Re ‘BB+’
May 22 2006 // Standard & Poor’s Ratings Services announced that it has assigned its “BB+” credit ratings to the $160 million class A and B principal-at-risk notes issued by CAT-Mex Ltd. “The transaction,...
Swiss Re Opens HK Training Center
May 22 2006 // Swiss Re announced that it has officially opened the “Swiss Insurance Training Centre (HK) [SITC-HK], to mark the company’s 50th year in Asia-Pacific.” Swiss Re said the new facility will provide...
Best Assigns ‘a+’ Ratings to Swiss Re’s Debt Issues; Places Under Review
May 10 2006 // A.M. Best Co. announced that it has assigned a rating of “a+” to the €1 billion ($1.2789 billion) perpetual step up-notes “issued by ELM B.V., a bankruptcy remote repackaging vehicle based in the...
Swiss Re Shareholders Take 50% of Rights Offering
May 9 2006 // Swiss Re announced that 50 percent of its existing shareholders have subscribed for the new shares issued pursuant to its “at-market rights offering” (See IJ Website April 27). “As a result of the...
Swiss Re Hybrid Capital a Success
May 5 2006 // Swiss Re said it is “is on track to complete its external financing for the acquisition of GE Insurance Solutions with the successful placement of $2.0 billion equivalent of hybrid capital securities.” The...
S&P Rates Swiss Re’s Notes ‘A’
Apr 28 2006 // Standard & Poor’s Ratings Services announced that it has assigned its ‘A’ long-term junior subordinated debt rating to the proposed perpetual, subordinated, fixed-rate, step-up euro-denominated notes...
Swiss Re Launches Rights Offer to Fund GEIS Purchase
Apr 27 2006 // Swiss Re announced the launch of its planned $1 billion rights issue to fund its purchase of GE Insurance Solutions (GEIS). In addition, the company provided further information on its forthcoming hybrid capital offerings....
Swiss Re/GE Solutions Deal ‘On Track’; Less Equity Funding Needed
Apr 21 2006 // Swiss Re announced that the acquisition process of GE Insurance Solutions, including regulatory approvals, “is well on track for the expected mid-2006 closing of the transaction.” The soon to be world’s...
Fitzpatrick to Leave Swiss Re
Apr 21 2006 // John Fitzpatrick, Swiss Re’s Head of Financial Services, is leaving the company to establish an investment fund in the insurance, securitization and financial services sector. Swiss Re’s bulletin indicated that...
Best Keeps Swiss Re’s Ratings under Review/Negative
Mar 3 2006 // A.M. Best Co. has issued a bulletin, indicating that its ratings on the “Swiss Re Group and its rated entities remain under review with negative implications,” following the publication of the Group’s...
2005: A Rough Year for Swiss Re; Net Income Down 41% to $1.1 Billion
Mar 2 2006 // Big reinsurance companies also take big hits when natural catastrophes occur. So its not too surprising that Swiss Re’s 2005 earnings report reflects the overall losses from an exceptionally violent year. Net profits...
Swiss Re Names Strebel Head to Lead Latin American Unit
Mar 1 2006 // Swiss Re announced the appointment of Beat Strebel to head its Latin American unit. Strebel, who is based in Armonk, New York, is responsible for all of Swiss Re’s Property & Casualty and Life & Health...
Swiss Re <em>sigma</em> Report Notes $83B Insured 2005 Cat Losses
Feb 28 2006 // Swiss Re’s latest sigma report examines the natural catastrophes and man-made disasters of 2005. Among other findings it notes that “more than 97 000 people lost their lives” as a result of one of the...
Swiss Re Shareholders Approve Capital Increase for GE Deal
Feb 28 2006 // Swiss Re announced that its shareholders have approved the creation of additional equity capital related to the financing of the GE Insurance Solutions acquisition at an Extraordinary General Meeting, held yesterday, Feb....
S&P Keeps Swiss Re on CreditWatch as GE Deal Nears Closing
Feb 21 2006 // Standard & Poor’s Ratings Services announced that it would keep both GE Insurance Solutions (GEIS) and Swiss Re on its CreditWatch list, as they continue to work on their agreement to sell GE’s insurance...
Swiss Re Upbeat after January Treaty Renewals; $7.1 Billion in Premium
Feb 14 2006 // Swiss Re appeared very upbeat after the completion of its January reinsurance treaty renewals. The Zurich-based reinsurer noted a “7 percent improvement in economic profit” and premium growth to CHF 9.3 billion...
Swiss Re Finalizes FPK Sale
Feb 13 2006 // Swiss Re announced that it has reached an agreement to sell its wholly-owned subsidiary, investment bank Fox-Pitt, Kelton (FPK), to a new company formed by J.C. Flowers & Co. LLC as well as FPK management. Swiss Re...
Swiss Re Completes $309 Million Credit Risk Transfer
Jan 23 2006 // Swiss Re announced that it has completed a its first credit reinsurance securitization – a €252 million ($309 million) issue transferring credit insurance risk to the capital markets, “thereby increasing...
Swiss Re Plans GE Job Cuts
Jan 20 2006 // While Swiss Re and General Electric are working to close the sale of GE Insurance Solutions, it seems that less GE employees will be working at all when the deal is completed. Swiss Re indicated on Wednesday, Jan. 18, that...
S&P Sees European Securitizations Gaining Acceptance
Jan 19 2006 // Standard & Poor’s newly issued report on Corporate Securitizations notes that these types of transactions are gaining increasing acceptance as a capital management tool by European insurers, with Swiss Re and...
