Major global reinsurers claim ‘immaterial’ exposure to Russia-Ukraine crisis

Major global reinsurance players are likely free from excessive exposure to Ukrainian and Russian business, a key industry official suggested Friday (February 25).

"There aren't many global market players on these markets in any material way," the chief financial officer (CFO) of Swiss Re, John Dacey, told his group's Q4 earnings conference.

Swiss Re, for its part, denies any major involvement in the region. Swiss Re has no Ukrainian assets and Russian assets limited to a minor fixed income position, Dacey said.

Swiss Re does do some underwriting in the two countries, but the exposure is "very modest" along a highly restricted list of lines.

"We do write business in both countries, but on restricted lines," Dacey said. "We've been cautious about our exposures in these markets for some time."

"I don’t see a situation in which this would be anything dramatic or material in a year’s earnings for us," Dacey told a press conference earlier in the day. Standard war exclusions apply.

Munich Re likely indicated Thursday that its exposure to the Russian crisis was "limited."

French-based global re/insurer AXA has exposures which are "not material at the group level," CEO Thomas Buberl told market Thursday after publication of his group's Q4/FY earnings.

AXA is a minority owner of a JV in Russia and additionally has "some investment exposure, but more indirect."

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