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Swiss Re confirms it will meet 2011-2015 targets
June 24, 2013 / 5:13 AM / 4 years ago

Swiss Re confirms it will meet 2011-2015 targets

ZURICH, June 24 (Reuters) - Swiss Re confirmed its financial targets for 2011-2015 on Monday, and said it planned to reduce leverage by more than 4 billion dollars by 2016.

The firm, which competes with Germany’s Munich Re , said a Swiss Re subsidiary was launching a tender offer to repurchase three tranches of its senior debt.

The Swiss reinsurer previously reported a 21 percent rise in profit in the first quarter, driven by a rise in premium and fee income, low catastrophe losses and the expiry of a quota share agreement with Warren Buffett’s Berkshire Hathaway.

Reporting by Alice Baghdjian

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