November 19, 2007

Swiss Re reports $878M subprime loss (AP)

A general view shows Swiss Reinsurance company Swiss Re's logo and headquarters in Zurich Monday, Nov. 19, 2007 in Zurich. Swiss Re expects CHF 1.2 billion (euros 732 million; $US1.07 billion) mark-to-market loss in the income statement arising from its credit underwriting activities following the market deterioration in October, Swiss Re said. (AP Photo/Keystone, Eddy Risch)AP – Swiss Reinsurance Co. reported a $878 million after-tax loss on Monday because of its exposure to the subprime mortgage crisis, sending shares of the world’s largest reinsurer plummeting.

Filed under Real Estate Blog, Real Estate Business by Yahoo! News: Business - Real Estate

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