Swiss Re recorded a lower profit in the first quarter. The Swiss reinsurer faced major setbacks due to the crash of the Boeing 737 MAX in Ethiopia. The floods in Australia and a typhoon in the Philippines also took a bite out of the profit.

Swiss Re is a co-insurer of Ethiopian Airlines. The insurer received the bill after the Boeing aircraft of the airline crashed in March. Swiss Re is also part of a group of insurers that must absorb any production losses from Boeing.

The Boeing 737 MAX model is currently not allowed to fly worldwide due to safety concerns. In total, Swiss Re suffered $ 90 million in Boeing-related losses in the first quarter. In addition, the floods in the Australian region of North Queensland cost $ 210 million.

The reinsurer eventually kept $ 429 million under the line. That is 6 percent less than a year ago.

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