The big Swiss reinsurance stocks are down big-time on fears about the cost of repairing the physical damage in Japan.

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Swiss Reinsurance, the world's second-largest reinsurer, told the BBC News website that economic losses were estimated to be higher than insured losses (expected to be around 500m Swiss Francs).

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Then in January, he did a deal reminiscent of what he is offering to the municipal bond insurers, taking 20% of Swiss Reinsurance's business of that company's books for five years.

FORBES: Magazine Article

Then in January, he did a deal reminiscent of what he is offering to the municipal bond insurers, taking 20% of Swiss Reinsurance (other-otc: SWCEF - news - people )'s business of that company's books for five years.

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Its closest competitor in reinsurance, Swiss Re, went into primary insurance through a number of acquisitions in the mid-1980s.

ECONOMIST: Insurance

The project was supported by the United Nations Development Programme, whose primary focus is poverty, and Swiss Re, a reinsurance giant devoted to managing global risk.

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Ivo Knoepfel of Swiss Re, a large reinsurance company, says his firm is keen to securitise international emissions-trading permits.

ECONOMIST: Emissions

The Swiss found that running primary insurance requires different skills and expertise from reinsurance.

ECONOMIST: Insurance