Swiss Re in $1bn credit crunch loss
Swiss Re has had to report a CHF1.2bn ($1.07bn) billion loss as it marked the value some of the asset backed securities forming part of two credit default swaps written by its Credit Solutions unit down to zero. The firm also revealed it still owned a swaps portfolio currently worth $3.6bn.
Swiss Re said the swaps were structured to provide protection against a remote risk of loss but had been impacted by what the global reinsurance giant described “unprecedented and severe ratings
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