Swiss Reinsurance has today detailed its debt exposure to troubled US mortgage businesses Freddie Mac and Fannie Mae in a letter to analysts, a move that sent its shares sharply lower on concern that the reinsurer is facing more writedowns.
Swiss Re said its approximate direct debt exposure to Freddie Mac was $5.2bn(â¬3.3bn) at the beginning of July, while that to Fannie Mae was $4.4bn.
