Swiss Re has confirmed it will not make its earnings target this year as it faces claims of $750m from hurricanes Rita and Wilma.
The company said that while its over-the-cycle target of 10% earnings growth will not be met this year, it will use its equalisation reserves to “mitigate part of the claims caused by this year's extraordinary hurricane season”.
In a statement, Swiss Re's retiring chief executive John Coomber remarked: "This year's hurricane season reinforces the benefits of Swiss Re's highly diversified portfolio across lines of business and geographies.
"Our financial strength remains very strong, enabling Swiss Re to take full benefit of the excellent pricing conditions in the current renewal season.".
