Swiss Re in further Q1 $778m credit write-down, shares hammered
Global reinsurer Swiss Re has reported an additional mark-to-market loss of CHF819m ($778m) on its portfolio of structured credit default swaps in the first quarter of 2008 and has penciled in a further charge of CHF200m ($190m) sustained during the month of April.
The loss knocked reported net income back 53% to CHF624m for the period and shareholders’ equity decreased 13% to CHF27.8bn compared to 31 December 2007, which the reinsurer blamed on depreciation of
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