Swiss Re says COVID-19 claims, reserves led to $1.1 billion first-half loss

FILE PHOTO: The logo of insurance company Swiss Re is seen in front of its headquarters in Zurich, Switzerland February 12, 2019. REUTERS/Arnd WIegmann

ZURICH (Reuters) - Reinsurance company Swiss Re SRENH.S said on Wednesday that claims and reserves of $2.5 billion related to COVID-19 will result in a net first half loss of about $1.1 billion.

The company also said it completed its ReAssure unit sale.

“Based on our current information and related assessments, and noting the unusually high level of uncertainty related to these insured losses, we expect the claims and reserves we have booked the first half of 2020 to cover the majority of our ultimate COVID-19 losses,” Chief Financial Officer John Dacey said in a statement.

Reporting by John Miller