Swiss Reinsurance lose 1.07 bil CDS

Nov. 19 (Bloomberg) -- Swiss Reinsurance Co., the world'sbiggest reinsurer, lost 1.2 billion Swiss francs ($1.07 billion)on derivatives in October after the U.S. subprime mortgage crashroiled debt markets. -- The investment portfolios involved consist mostly ofmortgage-backed securities, and include some subprime and asset-backed holdings in the form of collateralized debt obligations,or securities made by bundling together bonds, Swiss Re said. -- Swiss Re cut its estimates of the value of the CDOs to zeroand the subprime securities to 62 percent of their originalvalue, bringing the market value of the portfolio to 3.6 billionfrancs, the company said. Quinn said the majority of the holdings