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Swiss Re loses £523.5m in credit crunch

Swiss Re recorded pre-tax losses yesterday of SwFr1.2bn (£523.5m) proving the credit crunch has hit the insurance industry.

According to The Times the reinsurer’s losses were a result of paying out protection it had written to cover falls in two big client investment portfolios.

It also admitted a SwFr300m write-down against its own investment portfolio and warned further losses could be on the cards.

The news wiped more than 10 per cent off the value of Swiss Re’s shares and reportedly caused a sell-off among other big continental insurers such as Alliance and Axa.


Waters wants to see 130/30 skills

FSA director of retail policy Dan Waters says the challenge for managers running 130/30 funds is to prove they have the skills to manage these funds.At the Tax Incentivised Savings Association conference in London last week, Waters said: “One of the interesting things we have seen in some jurisdictions where these 130/30 funds have been […]

Origen finance director Jim McGuinness steps down

Origen finance director Jim McGuinness has stepped down from his role at the Aegon-owned advisory firm.McGuinness will be departing the company with immediate effect.Origen managing director Stephen Greenstreet says: “Jim McGuinness was the interim finance director and it was announced at the Origen sales conference in October that we were starting to find a suitable […]

Cover stories

The Competition Commission’s Emerging Thinking document on payment protection insurance has given the insurance industry and intermediaries a clean bill of health.


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