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rdf:type	schema:NewsArticle
schema:articleBody	Reinsurer Swiss Re said Thursday it suffered a net loss of $225 million in the first quarter due to reserves created in anticipation of claims for events cancelled due to the coronavirus crisis. The Zurich-based group's corporate insurance arm put money aside for future claims for cancelled or postponed events, it said in a statement. Market jitters also resulted in a net valuation loss of $300 million, added the Swiss group, which acts as insurer for insurers. The first quarter results took a further knock by a fall in the share price of Phoenix Group. Swiss Re has agreed to sell its subsidiary ReAssure to the British insurer, in part through a payment in shares. The deal, which is subject to approval from the competition authorities, is expected to be finalised in mid-2020. Outside the impact of the COVID-19 pandemic, net profit for the quarter was around $158 million, said Swiss Re. It registered net profits of $429 million in the same period last year. Large natural catastrophe losses of $397 million exceeded the expected losses for the quarter, reflecting Swiss Re's presence in Australia, where hailstorms and floods compounded major bushfire losses. "The COVID-19 pandemic has had a deep impact on society, governments and businesses across the globe," said group chief executive Christian Mumenthaler. "Swiss Re's business remains resilient despite the financial impact of the crisis on our results. And our industry-leading capital position means we will weather this situation as a strong partner for our clients." noo/rjm/nl/jh
schema:headline	Swiss Re down on scrapped events provisions
schema:mentions	Phoenix Suns Bushfires in Australia Switzerland Insurance Australia Pandemic United Kingdom Coronavirus disease 2019 Christian Mumenthaler Swiss Re Reinsurance Jitters (band) Mark Roebuck
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2020-04-30 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	negative sentiment
http://data.cimple...readability_score	74 (xsd:integer)
http://data.cimple...tology#hasEmotion	sadness

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