Swiss Re takes $780m hit on portfolio CDS

Zürich-based reinsurer Swiss Re has announced a mark-to-market loss of SFr819 million ($781 million) on two portfolio credit default swaps in its first-quarter results, and warned that it was likely to lose another SFr200 million on the trades during April.

The trades, which reference a portfolio including US subprime mortgages, were also responsible for a SFr1.2 billion loss at the reinsurer in November last year. This brings the total damage done by the two contracts to over SFr2 billion.


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