Swiss Re says alternative capital cannot replace traditional reinsurers

ZURICH, July 3 Thu Jul 3, 2014 1:17am EDT

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ZURICH, July 3 (Reuters) - Swiss Re played down competition from alternative capital in the reinsurance industry on Thursday, and said it was on track to meet its 2011-2015 financial targets.

"With clients expected to continue to rely on reinsurers for services and long-term support, we also believe that alternative capital cannot replace the traditional reinsurance model," the reinsurer's chief executive Michel Lies said in a statement released ahead of an investor day in London.

Swiss Re said it would announce its 2016 financial goals in February. (Reporting by Alice Baghdjian)

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