ZURICH, Nov 2 (Reuters) - Swiss Re, the world’s second-largest reinsurer, on Thursday posted a $468 million nine-month net loss after disasters such as Hurricanes Harvey, Irma and Maria and Australia’s Cyclone Debbie socked the reinsurer with an expected $4 billion in natural catastrophe claims.
“We expect pricing conditions to improve going forward – not only in reinsurance but also in commercial insurance,” Chief Executive Christian Mumenthaler said in a statement. “We are strongly positioned to work with our partners to capture market opportunities when they arise, as they often do after such events.”
Despite the earnings blow, Swiss Re said it would proceed with a proposed share buyback of up to 1 billion Swiss francs ($1.00 billion) that starts on November 3.
$1 = 0.9992 Swiss francs Reporting by Brenna Hughes Neghaiwi; Editing by Michael Shields