Swiss Re said it “estimates its overall net exposure to Lehman Brothers at approximately CHF 50 million [$46.6 million] and to American International Group (AIG) at approximately CHF 200 million [$178.5 million].”
The world’s largest reinsurer indicated that was “providing this information in light of the recent unprecedented events in the global financial markets and the questions it has been receiving from stakeholders regarding its exposure to Lehman and AIG.”
Swiss Re also noted that it “acts as a reinsurer to the AIG Group companies and has invested in various securities issued by AIG.” The bulletin then cited the details of AIG’s agreement with the Federal Reserve Board.
Swiss Re added that the “figures include, in both cases, investments, net purchases or sales of CDS protection as well as credit reinsurance, portfolio CDS, and any other counterparty exposure as of 15 September 2008.
“The AIG figures above exclude amounts due to and from Swiss Re under existing reinsurance arrangements with the regulated legal entities.”
Source: Swiss Re – www.swissre.com
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