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Stefan Lippe, CEO, Swiss Re

Zurich, Switzerland (GenevaLunch) – Swiss Re, one of Switzerland’s largest insurance companies, has posted a CHF381 million loss for the second quarter of the year, after a small Q1 profit of CHF150m, blaming the downturn on hedge and impairment losses but insisting that the company will remain on target. “During the second quarter of 2009, our core business, despite the reported loss, continued to deliver strong underwriting results and solid earnings power. Most importantly, the measures we implemented to improve our capital base have proven to be effective,” notes Stefan Lippe, CEO.

Excess capital at AA level, a measure of an insurer’s ability to meet unexpectedly large demands, and particularly important to reinsurers such as Swiss Re,nrose to CHF4.5 billion. The company is still fighting its way back from a huge loss in 2008 that prompted a senior management change.