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.

The po

To continue reading...

You need to sign in to use this feature. If you don’t have a account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: