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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.

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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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