Traumatised trio return to health
The (re)insurers, aside from AIG, whose existence appeared most under threat from the devastating effects of the sub-prime, credit and ultimately global financial crisis were Swiss Re, XL Capital and The Hartford Financial.
Like AIG they had extended their business models well beyond the core disciplines of P&C underwriting.
And although the three avoided the full-scale government resuscitation needed to keep the US giant alive, they too were struck ill by crippling credit and investment losses in 2008 and 2009...
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