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Swiss Re shares drop amid Japan quake

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Shares in Swiss Re, one of the world’s  biggest reinsurers, fell 4.6 percent in early trading on Friday after Japan  was struck by its biggest earthquake on record and a giant tsunami.

“It is too soon to have financial consequences (estimates),” Swiss Re  spokesman Tom Armitage told AFP.

Total Swiss Re gross written premiums and fees in Japan amount to $688  million, including $469 million in non-life insurance, according to data  provided by the reinsurer.    The reinsurer’s shares plunged by over 8.5 percent at market open, before  recovering to $51.15, a drop of 4.6 percent at mid-morning. It remained  however the worst performer on the Swiss Market Index, which was down 0.52  percent.

Geneva, March 11, 2011 (AFP)