Swiss Re on Thursday said it saw significant opportunities for growth in the current market turmoil, just as one of the world’s biggest reinsurance companies revealed it had taken an intensely cautious approach to its own investment portfolio.

George Quinn, chief financial officer, suggested the problems encountered by some big insurers could create the potential for takeovers. While Swiss Re might not initiate such transactions, he said it could benefit if one of its clients which went on the takeover trail needed to raise capital or dispose of parts of a potential target.