May 3, 2019 / 5:17 AM / in 19 days

Large claims dent Swiss Re Q1 profit

ZURICH, May 3 (Reuters) - Reinsurer Swiss Re’s first-quarter net profit fell 6.1 percent to $429 million as claims from large losses offset a 5.5 percent rise in net premiums, it said on Friday.

Claims from large natural catastrophes and man-made losses included the North Queensland floods in Australia, Cyclone Idai in Mozambique, the Ethiopian Airlines crash and the subsequent grounding of the Boeing 737 MAX fleet, it said. Late claims from prior-year events, mainly from Typhoon Jebi, also weighed.

It said the first tranche of a share buyback programme worth up to 1 billion Swiss francs ($980.7 million) would launch on May 6. ($1 = 1.0197 Swiss francs) (Reporting by Michael Shields, editing by Riham Alkousaa)

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