Mr Lippe was speaking as the reinsurance giant released its results for the first nine months which saw the company turn its net income for the third quarter from a CHF 304 million loss in 2008 to a profit of CHF 334 million.

Mr Lippe said: “The outlook for our company is encouraging. In the first nine months of 2009, we restored our capital position. Our underlying performance remains very strong and we have achieved significant progress in de-risking our legacy portfolio.

“The excellent underwriting results, which we have consistently delivered over many years, demonstrate our disciplined underwriting approach.”

However looking to the future Mr Lippe said the market was under pressure as the industry success in restoring its financial position following the credit crisis and the lack of major losses combined in the run up to the key 1/1 renewals.

“Our focus now is on the January renewals,” he said. “While the market fundamentals point towards higher prices, restored industry capital and the absence of hurricanes may partially delay the market correction.

“With our very profitable reinsurance portfolio and proven underwriting track record, we are well placed for the upcoming renewal season.”

The results were also welcomed by the analysts with Ben Cohen at Collins Stewart saying the reinsurer’s progress at rebuilding its capital over the past year was a significant step forward and would enable it to meet the obligations it had to Warren Buffet’s Berkshire Hathaway.

“A key positive in these results is that they show much less volatility than recent quarters, and give a better guide as what a normal Swiss Re will look like, as well as increasing confidence [Warren] Buffett will be repaid organically,” he said. “We are cautious on reinsurance due to price pressures into 2010 (echoed by

Swiss Re in today’s statement), but see the discount to Net Asset Value at Swiss Re as providing material upside.”