Swiss Re has revealed a net exposure to insurance giant AIG, for whom it acts as reinsurer, of around CHF 200m (£100m).
The firm, which also says it has a CHF 50m (£25m) exposure to Lehman Brothers, says the figure includes investments and credit reinsurance as well as other counterparty exposure. However, it adds it excludes amounts due to and from Swiss Re under existing reinsurance arrangements. Overnight, the Federal Reserve announced the Federal Reserve Bank of New York is extending a liquidity facility of up to $85bn to AIG. Swiss Re says it is providing this information “in light of the recent unprecedented events in the global financial markets” and the questions it has been receiving from stak...
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