RTRS: Swiss Re hits 18-year low as writedown fears remain
Shares in Swiss Re (RUKN.VX) continued to tumble on Friday, dropping as much as 16 percent to an 18-year low as worries about further writedowns at the world's second-largest reinsurer weighed on the stock.
On Thursday, Swiss Re shares lost nearly 30 percent despite a 3 billion Swiss franc ($2.6 billion) investment from U.S. investor Warren Buffett.
"Still too many uncertainties surrounding the stock," Kepler Capital Markets analyst Fabrizio Croce said in a note. "Under a worse-case scenario, a fast downsizing of risky investments would be necessary, but difficult, as there seems to be no demand."
Swiss Re shares dropped nearly 16 percent to an 18-year low of 18.30 francs, and were trading down 14 percent at 18.61 francs at 0840 GMT.
