Market Currents

• Thursday, April 2, 2009

• 07:25 AM Swiss Re (SWCEY.PK) will cut 10% of its workforce over the next 12 months in an effort to save 400M Swiss francs ($349.6M) by 2010. The company will also promote Agostino Galvagni to be chief operating officer. Comment!

• Thursday, February 12, 2009

• 07:38 AM Jacques Aigrain, CEO of Swiss Re (SWCEY.PK), resigns, saying faltering investor confidence in his leadership left him no choice. Stefan Lippe, deputy CEO since 2008, will take over as chief exec immediately. Shares +4.6% in Zurich. Comment!

• Thursday, February 5, 2009

• 07:25 AM Berkshire Hathaway (BRK.A) invests around 3B Swiss francs ($2.6B) in Swiss Re (SWCEY.PK) to help the firm raise its capital levels. Facing heavy losses, Swiss Re will also cut its dividend and disband part of its asset-management unit. Shares -16.6% in Switzerland. Comment!

• Thursday, December 18, 2008

• 08:20 AM Natural catastrophes and man-made disasters cost property insurers over $50B in 2008, says major player Swiss Re (SWCEY.PK), making this year the second-costliest on record. Comment!

• Tuesday, November 4, 2008

• 06:09 AM Swiss Re (SWCEY.PK) lost 304M Swiss francs ($259M) in Q3, its first loss in nearly 6 years, and halts a share buyback program after bad bets on credit derivatives. The losses are 'only the tip of the iceberg,' says analyst Fabrizio Croce. Shares -5.7% in Zurich. Comment!

• Sunday, October 19, 2008

• 10:06 AM Private-equity giant CVC and Swiss Re (SWCEY.PK) will likely make a joint bid for Royal Bank of Scotland's (RBS) insurance arm which would value it at more than £6B. A blow to Allstate (ALL), until now frontrunner for the unit. (London Times)  Comment!

• Wednesday, October 15, 2008

• 05:15 AM Major European reinsurers could see a boost in premiums and rates as increasingly risk-averse general insurers try to farm out more of their coverage. JPMorgan Chase increases 2010 earnings estimates for Swiss Reinsurance (SWCEY.PK) by 3%. Comment!

• Tuesday, August 5, 2008

• 07:30 AM Swiss Re (SWCEY.PK) is buying Barclays' (BCS) life insurance unit for £753M ($1.48B), a move that will boost its Admin Re business in the U.K. Comment!