Page last updated at 06:18 GMT, Thursday, 2 April 2009 07:18 UK

More than 1,000 Swiss Re jobs cut

Swiss Re's London building
Swiss Re wrote down 5.9bn Swiss francs in 2008

One of the world's largest reinsurers, Swiss Re, plans to cut 10% of its workforce, or 1,150 jobs, over the next year as it seeks to reduce costs.

Last month it revealed its net annual loss in 2008 totalled 864m Swiss francs ($735m; £518m).

Now it is looking to cuts costs by 400m Swiss francs, by shedding the posts from its global total of 11,560.

Reinsurers such as the Zurich-based firm have made losses on investments amid the credit crunch.

"Swiss Re intends to reduce its current global headcount of 11,560 by approximately 10% over the next 12 months," the company said in a statement.

Reinsurers help companies spread risk by acting as "insurers for insurers".

Swiss Re also said it would promote Agostino Galvagni as chief operating officer.

At the beginning of February, losses due to write-downs of 5.9bn Swiss francs led Swiss Re to take a cash injection of 3bn Swiss francs from US investment guru Warren Buffett.

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