Swiss Re sees "clear signs of recovery" in non-life

ZURICH � Swiss Re has reported strong results for 2000, citing an improvement in non-life business and a record investment result. The Swissbased reinsurer noted that "non-life business showed clear signs of recovery". Operating income from non-life business increased 43% to CHF2.1bn while the combined ratio improved 5% to 117%. Property/casualty premiums earned were CHF11.5bn, up 29%, reflecting Swiss Re�s acquisition of Underwriters Re in the US and growth in Europe. Separately, the life reinsurance business of Bavarian Re will be transferred to the regionallyresponsible company units of Swiss Re Life & Health. This decision followsSwiss Re�s move to incorporate its subsidiary Bavarian Re into the maincompany�s operations.