BusinessCompany NewsZurich writes $US615m off investments

Zurich writes $US615m off investments

Zurich is writing down $US615m worth of investments related to Lehman, Sigma and Washington Mutual

Exposure to Lehman Brothers, Sigma Finance and Washington Mutual has wiped
off $US615m (?348m) worth of investments for
Zurich
Financial Services
, the Swiss insurer revealed yesterday.

The notice of default from Sigma Finance alone has resulted in Zurich writing
down $US275m, according to
Reuters.

Zurich said its exposure to Lehman was taking an impairment of $US295m and
another $US45m write down was related to Washington Mutual’s debt instruments.

‘The write-down of our Sigma exposure, while reflecting the severity of the
current market disruptions, should be seen in the context of our
well-diversified portfolio of group investments of nearly $200b,’ Martin Senn,
Zurich chief investment officer, said.

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