The collapse of New York-based Lehman Brothers investment bank has sent many of the world’s reinsurers rushing to check the ledger. Lehman Bros Holdings filed for bankruptcy protection on September 15.

Munich Re has acknowledged a €350 million ($611 million) exposure, including an undisclosed value of hedging derivatives. Swiss Re’s CHF50 million ($55 million) exposure includes a number of financial instruments including protection for controversial credit default swaps.

In contrast to other big guns of world reinsurance, Hannover Re has a relatively modest exposure of €23 million ($40 million), made up largely of senior bonds and a €3 million ($5.25 million) equity portfolio.