Exposure to Lehman Brothers, Sigma Finance and Washington Mutual has wiped
off $US615m (?348m) worth of investments for
Financial Services, the Swiss insurer revealed yesterday.
The notice of default from Sigma Finance alone has resulted in Zurich writing
down $US275m, according to
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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