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Swiss Re reports surprise third-quarter loss of 260 million dollars

Sahil Nagpal 4 November 2008

Zurich - Switzerland's reinsurance giant Swiss Re reported a surprise third-quarter loss Tuesday, slipping 304 million Swiss francs (259 million dollars) into the red after registering a profit of 1.47 billion francs in the same quarter of 2007.

The company said in Zurich that it would now suspend a share buy- back programme.

The company's net assets fell a further 6 per cent from the second quarter to 24.1 billion francs.

Claims worth 365 million dollars from hurricanes Ike and Gustav in the United States had a greater affect on the company's result than expected. (dpa)

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