Swiss Re cuts executives' bonus following nat cat losses
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Swiss Re Ltd. has cut its executives' compensation by 16.5% to more than 43 million Swiss francs ($45 million) in 2017 from nearly CHF 51.5 million in 2016 after natural catastrophes hit the reinsurer's profits, Finews.asia reported. Christian Mumenthaler, chief executive of Swiss Re, received total compensation of more than CHF 5 million in 2017, down from CHF 6.25 million a year earlier. Swiss Re's net income fell more than 90% to $331 million in 2017 from $3.5 billion in 2016. The reinsurer's catastrophe loss totaled $4.7 billion.
