US hurricanes impact Swiss Re profits for 2005

Swiss Reinsurance Co, the world's second-largest reinsurer, will probably report lower profits in the second half of 2005 on record storm claims. Net income may fall to CHF449m (£195.7m) from CHF1.03bn a year earlier based on the median estimate of 10 analysts surveyed by Bloomberg. The decline may be cushioned by the release of some of the CHF1.18bn of reserves Zurich-based Swiss Re had at the end of 2004 that must be dissolved by year-end as it switches to US accounting standards. Swiss Re said in November that it expected total weather-related claims, including those from Hurricane ...