UPDATE 2-Swiss Re misses expectations amid storms, U.S. casualty claims [Reuters (UK)]
SWISS RE LTD S/ADR (SSREY)
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Source: Reuters
Swiss Re misses expectations amid storms, U.S. casualty claims - Reuters 2 Min Read FRANKFURT (Reuters) - Reinsurer Swiss Re ( SRENH.S ) reported on Thursday a smaller-than-expected profit in 2019 due to claims for a series of man-made and natural disasters, as well as expenses for its U.S. casualty business, sending its shares lower. Net profit in the year rose 73% to $727 million, up from $421 million in 2018, but analysts had expected a net profit of $1.32 billion, according to Refinitiv. Shares were down 4.9% in midmorning trade. “We are taking proactive measures to put us at the forefront of adverse trends,” Chief Executive Christian Mumenthaler said. The Zurich-based company pointed to losses from typhoons in Japan, a hurricane in the Atlantic, wildfires and floods in Australia and problems with the Boeing 737 MAX fleet. The corporate insurance arm also lost $647 million in the year, wider than a $405 million loss in 2018. The company said it had set aside more reserves to cov
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