The world's second largest reinsurer Swiss Re has estimated its loss exposure to the failed energy company Enron at SFr284m (£119.5m) before tax, or SFr184m (£77.4m) after tax.
It said the exposure was mainly in US commercial surety insurance, where the estimated loss was $67m (£46.2m), while it also held Enron bonds in its corporate bond portfolio. The estimated loss there was $31m (£21.4m).
Swiss Re said the estimated loss in the credit default swaps portfolio was $28m (£19.3m), adding there were smaller exposures including in casualty lines. It said it held no Enron equities.
Separately, Swiss Re said the incorporation of 90%-owned Dutch-based credit insurer NCM Holding in newly formed Gerling NCM Credit and Finance had been completed.
NCM was merged with Gerling Kredit, part of Germany's Gerling Konzern Allgemeine Versicherungs.
Swiss Re, which will hold a 25% stake in the new venture, said it expected a realised capital gain of about SFr250m (£105.2m) from the transaction.
