Swiss Re shares fall after Reuters details U.S. mortgage exposure
07.22.2008
Swiss Re shares plummeted 9 percent after Reuters was the first financial news agency to get hold of a Swiss Re letter to investors, in which the reinsurer outlined its exposure to debt of troubled US mortgages. Working on a tip off from a market source, Reuters swung into action and fired headlines to clients three minutes ahead of Dow Jones and some 17 minutes faster than Bloomberg. Swiss Re shares plummeted as shareholders worried about the possibility of the company having to write off yet more bad investments. The story was quickly picked up by Swiss and international media, including the Financial Times, with a Reuters credit.
