WASHINGTON (dpa-AFX) - Swiss Reinsurance Company Ltd or Swiss Re (SSREY.PK), a Swiss reinsurance firm, said on Monday that it expects a loss for the third-quarter, following the impact of Hurricane Ian in western Florida last month.
For the third-quarter, the Group expects a net loss of around $0.5 billion reflecting preliminary claims from Hurricane Ian of around $1.3 billion.
Looking ahead, for the fiscal 2022, the Group said its L&H Re and Corporate Solutions division are on track to achieve their respective targets of around $300 million net income and a reported combined ratio of less than 95 percent.
For the full-year, P&C Re's reported and normalized combined ratios were impacted in the third quarter by an increase in small- to mid-sized claims, partly driven by economic inflation. As a result, the segment is unlikely to reach its normalized combined ratio target of less than 94 percent.
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