10% cut to save cash leaves Taiwan just three reinsurers
Taiwan's Financial Supervisory Commission has said Swiss will close its Taiwan branch to help reduce its global workforce by 10%, Dow Jones reports.
The job cuts come after the reinsurer posted an annual net loss of CHF1bn in 2008.
The regulator said following Swiss Re's exit, Taiwan will have three reinsurance companies: Central Reinsurance, Reinsurance Group of America (RGA) and Cologne Reinsurance Company (Dublin).
