Swiss Re (RUKN.VX) trades 8.1 percent higher at 25.08 Swiss francs, outperforming a 2.2 percent rise in the DJ STOXX European insurance index .SXIP on talks of a possible takeover of the company by U.S. investor Warren Buffett, traders say.
"We do not comment on market rumours," says a spokesman for Swiss Re, the world's second-largest reinsurer.
The shares extend earlier gains on a JPMorgan ratings upgrade, hopes of fewer writedowns in the first quarter and the low price of the stock, which trades far below its book value of 61 Swiss francs after falling around 54 percent this year.
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