Swiss Re has made a £435m raid on its reserves after taking a £1.2bn hit from the 11 Septmber disaster, according to its latest set of financial results. The results announce net losses for 2001 of £82m.
The company's estimated WTC loss is up 45% from the last estimate made by the world's second largest reinsurer. Swiss Re is locked in a battle with WTC owner Silverstein over whether Silverstein can can claim for two separate events or one.
The company is predicting a positive outlook for earnings in 2002, as renewals since 1 January have been negotiated with significant rate improvements, the company said.
