Swiss Re sounded an upbeat note for 2012 and said reinsurance prices could rise further after it posted a forecast-beating profit for the first quarter thanks in part to the absence of large natural catastrophes.
The firm, which competes with Germany's Munich Re, recorded a profit of $ 1.1 billion for the first three months of the year, beating an average forecast for a $633 million profit in a Reuters poll.
The volume of reinsurance policy renewals in April, chiefly focused on Asia, rose 14 percent, the Zurich-based firm said on Friday. Policy rates in Japan rose as a result of the earthquake and tsunami last year, while other markets such as Korea also saw increases.
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