ZURICH FINANCIAL SERVICES EXPECTS $400M LOSS FOR 2001

Switzerland and UK-based insurer Zurich Financial Services (ZFS) saw another 8% wiped from its market capitalisation last Friday when it issued its fourth profit warning of the year. It said that it expected to make a full-year net loss of as much as $400m and that the September 11 attacks would cost it a net $760m directly, with indirect losses adding another $200m. Asset impairment charges, depressed markets, lower investment income and higher-than-expected non-life claims also affected earnings, ZFS said. The news came a week after COO Constantine Iordanou resigned, to be replaced by James Schiro, the outgoing CEO of PricewaterhouseCoopers.