ZURICH, Switzerland—Swiss Reinsurance Co. has little exposure to the alleged fraud carried out by hedge fund manager Bernard Madoff that is being investigated in the United States.

Swiss Re, based in Zurich, Switzerland, has no direct exposure to Madoff-related funds and only an "immaterial indirect exposure," amounting to less than $3 million through its hedge fund investments, the reinsurer said in a statement.

Insurers and reinsurers are continuing their investigations into whether they are impacted by the Madoff funds. Another Swiss insurer, Baloise Holding A.G., has said it will write down $13 million as a result of the alleged multi-billion dollar fraud, while Zurich Financial Services Group said it has no Madoff-related investments.