New York City

Swiss Re started the year in a tough spot, having reported a big loss for 2008 thanks in large part to ill-advised credit default swaps, and without enough capital on hand to maintain its “AA” rating from Standard & Poor's.

Yet the firm has managed a rapid change in fortunes, thanks to a substantial capital injection, a decisive shift in its asset management strategy and a continuing emphasis on sound reinsurance underwriting, CEO Stefan Lippe stressed during an exclusive interview last week in his Manhattan office.

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