News releases 2004

30 Dec 04

Swiss Re estimates its claims for the tsunamis in the Indian Ocean to be below CHF 100 million

Swiss Re currently expects its claims related to the tragic tsunamis (seismic sea waves) triggered by the massive undersea earthquake near Indonesia to be below CHF 100 million.

16 Dec 04

Preliminary Swiss Re sigma estimates of catastrophe losses in 2004: major storm losses in the US and Japan make it a record year for insurance claims

According to preliminary Swiss Re "sigma" estimates, more than 21,000 people around the world lost their lives as a result of natural and man-made catastrophes in 2004. The catastrophes caused overall economic losses of about USD 105 billion worldwide. Property insurers across the globe had to contend with claims of approximately USD 42 billion.

14 Dec 04

Swiss Re sigma study: introduction of IFRS will have a significant impact on how insurers manage their business

From the beginning of 2005, all listed insurers in the European Union (EU) will be required to comply with International Financial Reporting Standards (IFRS). The latest Swiss Re sigma study, “The impact of IFRS on the insurance industry”, finds that while the standards will increase transparency, they may also bring higher earnings and capital volatility.

14 Dec 04

Swiss Re hosts its annual year-end Economic and Insurance Industry Review 2004/Outlook 2005 touting opportunities for the strongest companies

Andreas Beerli, Head of Swiss Re’s Property & Casualty business in the Americas, speaking today at Swiss Re’s annual year-end economic and insurance industry review and outlook, asserted that property & casualty reinsurance industry remains strong.

14 Dec 04

Fed rate action commentary from Swiss Re chief US economist

Following today’s announcement that the Federal Reserve Board would raise the target federal funds rate 25 basis points to 2.25 percent, Swiss Re chief economist Kurt Karl said, “Another meeting, another rate hike — expect more of the same in 2005. Though there continues to be concern about the strength of the economic expansion, growth is sufficiently robust for the Fed to continue raising the federal funds rate. The Fed still needs to get this rate to about 4.0 percent or two percent above core inflation. It continues to be our view that the Fed will do this with 25 basis-point hikes at each of the next seven FOMC meetings.

10 Dec 04

Swiss Re to transfer Australian and New Zealand property and casualty operations to the Australian branch of Swiss Reinsurance Company

Sydney, 10 December 2004 - Swiss Re announced today that its Australian and New Zealand Property & Casualty reinsurance and insurance liabilities will be assumed by the Australian branch of Swiss Reinsurance Company. This will become effective 1 January 2005.

07 Dec 04

Disclosure notification in accordance with Article 20 of the Swiss Stock Exchange Act

Swiss Reinsurance Company (Swiss Re), Mythenquai 50/60, 8022 Zurich, announces that, on 30 November 2004, the voting rights of Swiss Re held by The Capital Group Companies, Inc., through a number of its Group companies listed below, in the capacity of investment manager for mutual funds and clients, fell below the threshold of 5%.

06 Dec 04

New Swiss Re publication in the “Risk perception” series: The risk landscape of the future

Change as such is continually accelerating, possible consequences tend to be greater and increasing uncertainty is rendering risks less calculable. If we are to manage future risks successfully, we must learn to recognise the changes in the risk landscape earlier and influence them systematically in their infancy. The risk landscape of the future, the latest title in the Risk perception series published by Swiss Re, examines how today’s society can shape the future by taking advantage of its opportunities and mastering the risks they entail. This will require a more active dialogue among the individual stakeholders.

02 Dec 04

Insurers set to regain financial strength: Swiss Re sees good year ahead for Asian insurance industry in 2005

01 Dec 04

Swiss Re’s Insurance Review and Outlook: profits continue in both life and non-life in 2005, although premium growth will slow

Swiss Re held its annual review and outlook on insurance markets today. The life and non-life industry’s 2004 return to profitability will continue. Growth will be lower than that achieved in 2004, however, as rates reach their peak.

01 Dec 04

Swiss Re Economic Risk Survey: increasing concern about stock markets while inflation risk declines

Swiss Re’s eighth survey of economists’ opinions shows they consider stock market risk to be substantial. The ”Economic Risk Survey”, conducted in October, also indicated that the outlook for growth has slightly deteriorated since the last survey in April.

25 Nov 04

Swiss Re wins 2004 Asia Reinsurer of the Year Award

Swiss Re has won this year’s Asian Reinsurer of the Year Award, organized by the industry magazines Asia Insurance Review and The Review.

23 Nov 04

Swiss Re’s Investors’ Day offers additional insights into the Group’s risk management framework and discloses its internal risk model

Swiss Re will today present to investors its risk management framework which determines the Group’s required capital and capital adequacy. Swiss Re will also be providing additional insights on the economics of its Property & Casualty Business Group.

23 Nov 04

Swiss Re report on the 2004 hurricane season finds: event-based risk analysis is key to managing risks from large events

This year saw an unusually high number of hurricanes and typhoon events. While the events may have been extraordinary, the impact on insurers has been controllable through a process of event-based risk analysis. The publication, ’The 2004 hurricane season: unusual, but not unexpected’ demonstrates how Swiss Re’s robust event-based risk analysis successfully withstood the challenge.

19 Nov 04

Swiss Re receives request to provide documentation on non-traditional insurance products

Swiss Re has received requests from the United States Securities and Exchange Commission (SEC) and the New York State Attorney General to provide documentation relating to non-traditional insurance products. Swiss Re may receive similar requests from other governmental or regulatory authorities. Swiss Re has not been named or referred to in any lawsuit relating to this investigation. Swiss Re will cooperate fully with all such requests.

10 Nov 04

Fed rate action commentary from Swiss Re chief US economist

Following today’s announcement that the Federal Reserve Board would raise the target federal funds rate 25 basis points to 2.0 percent, Swiss Re chief economist Kurt Karl said, “The Fed today continued its march, at a measured pace, towards neutral monetary policy by raising the federal funds rate another notch to 2.0 percent. Though there has been some concern about the robustness of economic activity recently, this was dispelled by the strong employment report on Friday. Consistent with our steadfast forecast, the futures market is now pricing in rate hikes in December, February and March.

28 Oct 04

Swiss Re sigma study: growing cost of the liability system as a major global challenge

Liability systems throughout the world are growing increasingly costly, according to Swiss Re’s latest sigma report. The study, “The economics of liability losses – insuring a moving target”, examines the development of liability claims and its drivers.

25 Oct 04

Swiss Re aviation insurance study highlights the value of insurance for the highly exposed aviation sector

To maintain a system of sustainable insurance for the aviation industry, pricing must reflect the cost of capital to insurers. This is the conclusion of Swiss Re’s new study on aviation insurance.

07 Oct 04

Swiss Re sigma study: high growth potential puts emerging markets at frontier of insurance – China and India in the spotlight

Emerging markets will be at the frontier of insurance in the 21st century, according to the latest study from Swiss Re’s sigma series. Non-life premiums collected in emerging markets are expected to double from USD 123 billion in 2003 to around USD 250 billion by 2014, at constant prices. Life premiums will increase even faster from USD 188 billion to USD 450 billion over the same period. The sigma study identifies China and India as the most promising insurance markets.

07 Oct 04

Swiss Re estimates its claims for Hurricane Jeanne to be approximately USD 150 million

Swiss Re announced today that, based on current estimates, it expects its claims related to Hurricane Jeanne to be approximately USD 150 million before tax.

24 Sep 04

Swiss Re estimates its claims for Hurricane Ivan and Typhoon Songda to be approximately USD 300 million

Swiss Re announced today that, based on current estimates, it expects its claims related to Hurricane Ivan and Typhoon Songda to be approximately USD 300 million before tax. This is in addition to estimated aggregate claims of USD 290 million before tax for Hurricanes Charley and Frances. Given the high frequency and severity of this year’s storm season, Swiss Re may use some of its claims equalisation reserves to absorb part of the financial impact of these events.

21 Sep 04

Fed rate action commentary from Swiss Re chief US economist

Following today’s announcement that the Federal Reserve Board would raise the target federal funds rate 25 basis points to 1.75 percent, Swiss Re chief economist Kurt Karl said, “The Fed today reinforced its often-mentioned intent to raise the federal funds rate to a more neutral level, by raising the rate to 1.75 percent. Though the economy has been somewhat sluggish and inflation benign, the Fed must raise this rate roughly two percentage points above inflation, or to about 4.0 percent, by the end of 2005.

10 Sep 04

Swiss Re’s latest publication focuses on business interruption insurance

Swiss Re has today published "Business interruption insurance," the latest study in its technical publishing series. The study underlines the importance of sophisticated risk analysis, adequate product design and prudent underwriting. It also notes that close collaboration between the insurer and the client is a key factor in meeting the business interruption challenge.

08 Sep 04

Swiss Re estimates its aggregate claims for Hurricane Charley and Hurricane Frances to be below USD 300 million

Swiss Re announced today that based on current estimates, it expects its aggregate claims related to the hurricanes Charley and Frances to be below USD 300 million before tax. These events will not change Swiss Re's positive outlook for 2004 and its combined ratio target for the full year of 96%.

26 Aug 04

Swiss Re doubles net income to CHF 1.4 billion in first half 2004 - Strong return on investment of 5.8% - Improved performance in all business groups

Swiss Re's net income doubled to CHF 1.4 billion in the first half 2004. Total premiums earned were CHF 14.1 billion, a decline of 2% on 2003, as Swiss Re continued to underwrite selectively and focus on profitability. Swiss Re posted a strong return on equity of 15.6%, as shareholders' equity increased to CHF 19.4 billion from CHF 18.5 billion at the end of 2003. All business groups contributed to the strong performance, which was supported by an excellent investment result.

19 Aug 04

Swiss Re estimates its claims for Hurricane Charley to be below USD 200 million

Swiss Re announced today that based on preliminary market estimates, it expects its claims related to Hurricane Charley to be below USD 200 million before tax. At this level of claims, Charley would not alter Swiss Re’s positive outlook for the 2004 results.

10 Aug 04

Fed rate action commentary from Swiss Re chief US economist

Following today's announcement that the Federal Reserve Board would raise the target federal funds rate 25 basis points to 1.50 percent, Swiss Re chief economist Kurt Karl said, “Despite some softness in the economy, the Fed revealed its resolve today to raise interest rates at a ‘measured’ pace. To restrain a potential increase in inflation, the Fed needs to raise the federal funds rate to about two percentage points above inflation, close to 4.0 percent, by the end of 2005.

20 Jul 04

Swiss Re appoints new Principal Officer for Singapore

Singapore: Swiss Re today announced the appointment of Dr Reto Brosi as Principal Officer of the company’s Singapore Branch.

08 Jul 04

Disclosure notification in accordance with Article 20 of the Swiss Stock Exchange Act

Swiss Reinsurance Company (Swiss Re), Mythenquai 50/60, 8022 Zurich, announces that, on 5 July 2004, Franklin Resources, Inc., 500 E.Broward Blvd., Suite 2100 Ft. Lauderdale, FL 33394-3091, USA, known as Franklin Templeton Investments, held, through a number of its Group companies listed below, in the capacity of investment manager for mutual funds and clients 16,293,246 registered shares of Swiss Re. Franklin Templeton Investments thereby has a voting right of 5.06% of Swiss Re which can be exercised autonomously of the beneficial owners.

07 Jul 04

Swiss Re sigma study: millions lack adequate life insurance – significant mortality protection gaps in Australia, Germany, Italy, Taiwan and the US

Millions of consumers around the world lack adequate life insurance protection, according to a Swiss Re sigma study released today. "Mortality protection: the core of life" identifies significant shortfalls in the amount of mortality cover purchased when compared with consumers' real protection needs. If the protection gap were to be filled, the average amount a family spends on life insurance premiums each year would need to increase by USD 98 to USD 444, depending on the country.

06 Jul 04

Swiss Re receives Taiwan branch licence

Taipei: Swiss Re today announced that it has been granted a reinsurance branch licence from the Taiwan Ministry of Finance. Swiss Re is the first international reinsurance company to operate a branch in Taiwan.

01 Jul 04

Swiss Re to acquire Life Assurance Holding Corporation Limited in Admin Re transaction

Swiss Re, the world's largest life and health reinsurer, announced today it is to acquire the shares of Life Assurance Holding Corporation Limited (LAHC), including its life insurance subsidiary Windsor Life Assurance Company Limited, for GBP 333 million in cash. The transaction will provide additional scale and infrastructure for Swiss Re's Admin ReSM business in the United Kingdom.

01 Jul 04

Swiss Re successfully places EUR 640 million mandatory convertible securities

Swiss Re has today successfully completed the bookbuilding process for its offering of three year mandatory convertible securities. The offering is expected to generate proceeds of EUR 640 million. The transaction will refinance maturing debt and further increases Swiss Re's financial strength. The instrument will rely on share capital already approved in 2001.

01 Jul 04

Swiss Re launches mandatory convertible securities of approximately EUR 640 million

Swiss Re announces the launch of an offering of mandatory convertible securities due 2007, which is expected to generate proceeds of approximately EUR 640 million. The offering will in part refinance existing debt and further increases Swiss Re's financial strength. The instrument will rely on share capital already approved in 2001.

30 Jun 04

Fed rate action commentary from Swiss Re chief US economist

Following today's announcement that the Federal Reserve Board would raise the target federal funds rate 25 basis points to 1.25 percent, Swiss Re chief economist Kurt Karl said, "Strong growth in the US economy coupled with a rise in inflation has induced the Fed into tightening monetary policy. This is the first in many rate hikes, which will likely take the federal funds rate to 2.25 percent at the end of this year and 4.0 percent by the end of 2005.

28 Jun 04

Swiss Re Announces New Appointments in Tokyo

Tokyo, 28 June 2004 - Swiss Re has appointed Stephan Wirz to Head of Property & Casualty, Swiss Re Japan branch. He replaces Taiichi Nakajima who becomes Chief Operating Officer and Head of Shared Services of the Japan branch. These appointments, effective 1 August 2004, will add to the strength of the newly opened branch operations in Tokyo.

28 Jun 04

Swiss Re announces new leadership in Korea

Seoul, 28 June 2004 - Swiss Re has appointed Andreas Bollmann as Head of Korea Branch and Head of Swiss Re's property and casualty business in the country. The appointment is effective 1 July 2004. Mr. Bollmann succeeds Stephan Wirz, who will transfer to Tokyo as Head, Property & Casualty, Swiss Re Japan Branch.

24 Jun 04

Swiss Re sigma study: insurance industry on the road to recovery

The direct insurance industry is on the road to recovery with further progress expected this year, according to Swiss Re's latest sigma study. Worldwide premiums for life and non-life insurance grew by an inflation-adjusted 2% to USD 2 941 billion in 2003. sigma's annual review of developments in world insurance shows premiums and results in non-life business increased markedly in 2003. Life insurers reported improved profitability despite a slight decline in premium income. The recovery is set to continue in 2004.

03 Jun 04

Swiss Re announces changes to its Executive Board - Christian Mumenthaler to become Chief Risk Officer - Charlotte Gubler to become Head of Communication & Human Resources

Swiss Re has named Christian Mumenthaler as Chief Risk Officer of Swiss Re Group, succeeding Bruno Porro who will retire at the end of 2004. In addition Swiss Re has announced that Charlotte Gubler will become Head of Communication & Human Resources, succeeding Walter Anderau who will become Chairman of Swiss Re's Centre for Global Dialogue based in Rüschlikon. The changes will be effective 1 January 2005.

19 May 04

Swiss Re celebrates official opening of Japan Branch in Tokyo

Tokyo, 19 May 2004 - Swiss Re CEO John Coomber officially opened the company's Japan branch in Tokyo yesterday. The first of the leading global reinsurers to run a fully fledged branch in Japan, Swiss Re will provide nationwide reinsurance services in both Life & Health and Property & Casualty to Japan's insurance market.

19 May 04

Swiss Re names Russell Higginbotham Head of Life & Health for Japan and Korea

Tokyo, 19 May 2004 - Swiss Re announced the appointment of Russell Higginbotham to head its Life & Health Business Group for Japan and Korea. He takes over from John Lockyer, who retires in July 2004. Mr Higginbotham will become a member of the Life Executive Team, Asia, which is responsible for the development and implementation of initiatives in the life and health reinsurance markets throughout the Asia region.

18 May 04

Swiss Re Economic Risk Survey: Concerns over drastic declines in equity markets and the value of the dollar are abating but the likelihood of higher US inflation has increased

Swiss Re's seventh survey of economists' opinions shows that concern about a sharp decline in stock markets is abating, when compared to the previous survey conducted in October 2003. The 'Economic Risk Survey', conducted in April, also indicated that while worries of a sharp devaluation of the dollar versus the euro are declining, the risks of higher inflation in the US are increasing.

17 May 04

Swiss Re reports embedded value of CHF 16 billion for 2003 Embedded value earnings of CHF 1.1 billion up CHF 700 million compared with prior year

Zurich, 17 May 2004 - Swiss Re's Life & Health Business Group reports embedded value of CHF 16 billion in 2003. Embedded value earnings of CHF 1.1 billion were up CHF 700 million from the prior year's earnings of CHF 400 million. Value added by new business was lower in 2003 at CHF 314 million reflecting lower capital investment and foreign exchange effects.

14 May 04

140th Swiss Re Annual General Meeting approves dividend of 1.10 CHF per share – former Federal Councillor Kaspar Villiger elected to Board of Directors

At Swiss Re's 140th Annual General Meeting today shareholders officially approved last year's CHF 1.7 billion net profit. Shareholders also approved the Board of Directors' proposal to increase this year's dividend to CHF 1.10 per share. Kaspar Villiger, former Federal Councillor and member of the Swiss government from 1989 to 2003, was elected to the Board of Directors. George L. Farr and Rajna Gibson stood for re-election and were elected for a further four-year term.

10 May 04

Swiss Re investigates the opportunities and risks of nanotechnology from an insurance perspective

London / Zurich – The use of nanotechnology in industrial and commercial production, although still in its infancy, is growing rapidly. Swiss Re addressed the opportunities and risks of nanotechnology at a media conference in London as part of its contribution to open risk dialogue. The publication “Nanotechnology: Small matter, many unknowns” is now available.

03 May 04

Swiss Re Issues Statement on Jury Verdict

Swiss Re today issued the following statement in connection with the jury verdict in the U.S. District Court, Southern District of New York, in the case of SR International Business Insurance Company Ltd. v. World Trade Center Properties, LLC, et al.

30 Apr 04

Swiss Re completes Admin Re acquisition of CNA’s individual life insurance business

Swiss Re said today that it has completed its previously announced Admin ReSM acquisition of CNA Financial Corp.'s individual life insurance business for approximately USD 700 million. The inforce business, which will be put into run-off, includes term, universal and permanent life insurance policies and individual annuity products.

23 Apr 04

Swiss Re presents the documentary “The Great Warming” – premiering on Discovery Channel

The TV series “The Great Warming” supported by Swiss Re is premiering this week on Discovery Channel in Canada. The global TV project is part of Swiss Re’s "Sharing Solutions" initiative that raises public awareness on issues dedicated to a sustainable future. The documentary shows the effect of climate change.

06 Apr 04

Increasing levels of obesity are too big to ignore: new Swiss Re study analyses potential impact for life insurers

The increasing prevalence of obesity is too significant for the life insurance industry to ignore, according to a Swiss Re study published today. The report analyses the impact of obesity on mortality trends, and identifies the implications of this escalating global epidemic on the pricing and underwriting of life insurance products.

05 Apr 04

Swiss Re awards a land reform project in Vietnam with «ReSource Award»

Swiss reinsurer Swiss Re presented its second ReSource Award for Sustainable Watershed Management on Monday. The award of USD 75,000 goes to a project in Vietnam. In her speech during the award ceremony at the Centre of Global Dialogue, Swiss Foreign Minister Micheline Calmy-Rey praised Swiss Re's collaboration with environmental organisations and governments.

01 Apr 04

Swiss Re sigma study: Demand for broking services rises as complexity of risk increases

Brokers face greater demand for their services as the complexity of risk increases, according to Swiss Re's latest sigma study. Entitled 'Commercial insurance and reinsurance brokerage - love thy middleman', it examines developments in the key broker-markets for non-life commercial insurance and reinsurance and shows how the role of the broker has evolved over the last 20 years. The report also considers issues such as consolidation, patterns in profitability, and long-term prospects for the global brokerage industry.

25 Mar 04

Swiss Re reports net income of CHF 1.7 billion - Net premiums earned increase to CHF 30.7 billion - Combined ratio improves to 98.4%

Swiss Re's net income increased to CHF 1.7 billion in 2003. Swiss Re further strengthened its market position posting a significant increase in premiums to CHF 30.7 billion. Property and casualty business was especially strong with premiums up 25% in original currencies and a combined ratio of 98.4%.

19 Mar 04

Swiss Re gets go-ahead for Taiwan license application

Taipei: Swiss Re today announced that it has been granted permission by the Taiwan Ministry of Finance to begin the licensing process for a branch office in Taiwan.

03 Mar 04

Swiss Re sigma study: 2003 catastrophes claim 60,000 lives, while causing USD 18.5 billion in insured losses

According to updated figures from Swiss Re, 60,000 people worldwide were killed by natural and man-made catastrophes in 2003. Over two thirds of these were the victims of earthquakes. According to the latest sigma report published today, overall economic losses from catastrophes in 2003 amounted to an estimated USD 70 billion. Property insurers across the globe had to contend with losses of some USD 18.5 billion.

02 Mar 04

Swiss Re appoints Benjamin Meuli as Chief Investment Officer

Swiss Re has appointed Benjamin Meuli as Chief Investment Officer and Member of the Executive Board of Swiss Re.

26 Feb 04

Disclosure notification in accordance with Article 20 of the Swiss Stock Exchange Act

Swiss Reinsurance Company (Swiss Re), Mythenquai 50/60, 8022 Zurich, announces that, on 23 February 2004, the voting rights of Swiss Re held by Franklin Resources, Inc., USA, known as Franklin Templeton Investments, through a number of its Group companies listed below, in the capacity of investment manager for mutual funds and clients, fell below the threshold of 5%.

20 Feb 04

Beijing Normal University and Swiss Re launch new catastrophe atlas for China, setting forth 500 years' worth of data

Beijing: Beijing Normal University (BNU) and Swiss Re, a leading international reinsurance company, today launched the new “Atlas of Natural Disaster System in China”. The atlas is the most comprehensive map series of natural catastrophe risk in China ever published and is intended to help insurers and the general public to better understand natural catastrophe risk in China. Swiss Re is the sole financial sponsor of the project.

16 Feb 04

Swiss Re reports another successful renewal and achieves non-life premium growth of 7% as hard market continues

Swiss Re achieved premium growth of 7% for its traditional non-life business in the most recent round of renewals. Premium growth was due to a combination of further rate increases and portfolio growth.

05 Feb 04

Disclosure notification in accordance with Article 20 of the Swiss Stock Exchange Act

Swiss Reinsurance Company (Swiss Re), Mythenquai 50/60, 8022 Zurich, announces that, on 2 February 2004, Franklin Resources, Inc., USA, known as Franklin Templeton Investments, held, through a number of its Group companies listed below, in the capacity of investment manager for mutual funds and clients 16,127,190 registered shares of Swiss Re. Franklin Templeton Investments thereby has a voting right of 5.01% of Swiss Re which can be exercised autonomously of the beneficial owners.

05 Feb 04

Swiss Re to acquire CNA’s book of life and health insurance policies in Admin Re transaction

Swiss Re, the world's largest life and health reinsurer, today announced an agreement to acquire Chicago-based CNA Financial's individual life insurance business for approximately USD 690 million in cash. The in force business acquired, which will be put into run-off as the deal closes, will include term, universal and permanent life insurance policies and individual annuity products. Additionally, Swiss Re will acquire CNA's Nashville, Tennessee life insurance servicing and administration facility. The transaction is subject to certain customary closing conditions and regulatory approvals. Excluded from the transaction will be CNA's long-term care and structured settlement business.

29 Jan 04

Swiss Re sees insurance industry improvement in 2004; calls for government to allow reinsurance branches

Mumbai: Swiss Re’s chief economist for Asia was in India today to present a bullish outlook for the global insurance industry in 2004, while the company’s senior management called for regulators to consider the benefits of allowing foreign reinsurance branches in India.

27 Jan 04

Swiss Re establishes Washington, DC office

Establishing a closer physical presence to Washington, D.C.-based policymakers and associations, Swiss Re has opened an office in the District headed by Government and Industry Relations Senior Vice President Cosette R. Simon.

19 Jan 04

Disclosure notification in accordance with Article 20 of the Swiss Stock Exchange Act

Swiss Reinsurance Company (Swiss Re), Mythenquai 50/60, 8022 Zurich, announces that, on 13 January 2004, the voting rights of Swiss Re held by Franklin Resources, Inc., USA, known as Franklin Templeton Investments, through a number of its Group companies listed below, in the capacity of investment manager for mutual funds and clients, fell below the threshold of 5%.

14 Jan 04

Swiss Re nominates former Federal Councillor of Switzerland Kaspar Villiger for election to its Board of Directors

Swiss Re's Board of Directors will propose Kaspar Villiger, former President of the Swiss Confederation and Federal Councillor of Switzerland, for election to the Board at its Annual General Meeting on 14 May 2004. Kaspar Villiger will be nominated for a four year term of office as an additional non-executive and independent director to its current Board of ten.

09 Jan 04

Disclosure notification in accordance with Article 20 of the Swiss Stock Exchange Act

Swiss Reinsurance Company (Swiss Re), Mythenquai 50/60, 8022 Zurich, announces that, on 22 December 2003, Franklin Resources, Inc., USA, known as Franklin Templeton Investments, held, through a number of its Group companies listed below, in the capacity of investment manager for mutual funds and clients 16,165,847 registered shares of Swiss Re. Franklin Templeton Investments thereby has a voting right of 5.02% of Swiss Re which can be exercised autonomously of the beneficial owners.