Hedging hurts Swiss Re headline numbers
ZURICH-based reinsurer Swiss Re has posted a loss of SFr381m ($359m) for the second quarter after reporting mark-to-market losses of SFr1.1bn on hedges on corporate bonds; SFr600m in impairments, primarily on securitised products, and a charge of SFr431m on the effects of credit spreads on Swiss Re’s liabilities.