Bernstein analysts warn on Swiss Re reserves

Bernstein analysts have highlighted looming reserving issues in
pockets of the European reinsurance sector, drawing attention to a
"red flag" at Swiss Re.
The analysis by Bernstein's Thomas Seidl took in Munich Re
and Hannover Re, as well as Swiss Re.
Seidl was particularly critical of the way Swiss Re has reserved
its accident and health (A&H) exposure. The Bernstein analysis
showed the Swiss reinsurance giant is the worst reserved of the
cohort.
The analysis did not account for retrocessio