Swiss Re predicts further credit and surety losses as events bulk up $476m coronavirus hit
Swiss Re’s first quarter earnings were pushed into the red by a $476m hit from the coronavirus pandemic to its property and casualty businesses, driven by event cancellation and postponement.
More than three quarters of the hit stemmed from the strengthening of reserves to pay expected claims for cancelled or postponed events.
The group’s P&C reinsurance arm took $253m of the blow, with
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