Swiss reinsurance giant cancels share buybacks plans amid Thomas Cook losses and cost of cat disasters
Swiss Re has cancelled its share buyback plans after it revealed big losses on Thomas Cook and natural catastrophes in the third quarter.
The Swiss-giant will take a $100m hit on Thomas Cook’s collapse.
It comprises $50m on reinsurance and $50m on corporate solutions.
Elsewhere, Swiss Re revealed that total industry losses on typhoon Hagibis will hit around $7bn.
Hagibis was the tropical cyclone that tore into Japan, causing widespread devastation and forcing the cancellation of the England v France rugby game.
Despite the claims, net profit rose 23% to $1.34 billion during the nine months this year, from $1.09 billion a year earlier. Analysts had expected a net profit of $1.37 billion, according to Reuters.
As reported in Insurance Times, an inquiry has been launched into the Thomas Cook collapse, with the underwriter revealed.
Meanwhile, Thomas Cook holiday sickness claimant lawyers face an insurance backlash.
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