Swiss Re, one of the biggest reinsurers in the world, has reported a surprise third-quarter loss, after being hit by the global financial crisis.
The firm reported a net lost of 304m Swiss francs ($263m, £164m) - analysts had been expecting a profit.
Shares in Swiss Re fell 6% in Tuesday morning trading in Zurich.
Swiss Re wrote down 572m Swiss francs on its investments and 289m Swiss francs on credit default swaps (CDS) for the quarter.
A CDS is a swap designed to transfer credit risk, in effect a form of financial insurance.
Swiss Re said it would suspend its share buy-back programme, but hoped to complete it by April 2010 if the situation on global financial markets improved.
The reinsurer maintained its forecast of a 10% earnings growth per share.
The company expects claims for hurricanes Ike and Gustav to reach $365m, which is a relatively modest figure in comparison with previous storms.
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