NU Online News Service, May 6, 1:43 p.m. EDT
Swiss Re reported first quarter profit rose 22 percent over the same period last year despite significant catastrophe losses in its property and casualty segment that resulted in a 19.2 point increase in its combined ratio.
The Zurich, Switzerland-based reinsurer reported net income of $158 million, up $28 million from the same period last year. Earnings per share rose 6 cents from 39 cents to 45 cents a share.
The company also revealed today that it estimates its losses from the Deepwater Horizon oil rig at $200 million before taxes. It said it expects the total insured market loss from this event to be in the range of $1.5 billion to $3.5 billion.
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