Zurich writes down US exposures
Zurich Financial Services Group has announced a series of writedowns based on its exposure to failed US financial firms.
The Swiss-based international insurer will book a $US275 million ($352 million) write-down due to the collapse of Sigma Finance Corporation.
Zurich will also book a $US45 million ($58 million) charge on Washington Mutual, the US bank taken over last month by JP Morgan Chase.
Zurich had earlier revealed it had booked a $295 million ($378 million) exposure to failed US financial firm Lehman Brothers.
Chief Investment Officer Martin Senn says the company’s “disciplined approach continues to put us in a good position to weather the current financial market crisis”.
He says the latest write-downs comprise only 0.3% of a total portfolio valued at nearly $US200 billion ($256 billion).
The write-downs will form part of an impairment charge to be taken in the year’s nine-month results which are due to be released on November 13.
The Swiss-based international insurer will book a $US275 million ($352 million) write-down due to the collapse of Sigma Finance Corporation.
Zurich will also book a $US45 million ($58 million) charge on Washington Mutual, the US bank taken over last month by JP Morgan Chase.
Zurich had earlier revealed it had booked a $295 million ($378 million) exposure to failed US financial firm Lehman Brothers.
Chief Investment Officer Martin Senn says the company’s “disciplined approach continues to put us in a good position to weather the current financial market crisis”.
He says the latest write-downs comprise only 0.3% of a total portfolio valued at nearly $US200 billion ($256 billion).
The write-downs will form part of an impairment charge to be taken in the year’s nine-month results which are due to be released on November 13.