* Q1 net profit falls to $429 mln vs consensus $657 mln

* Large claims for natural and man-made disasters weigh

* Readies IPO for British ReAssure business but open to trade sale (Adds CFO comments, market reaction)

By Michael Shields

ZURICH, May 3 (Reuters) – Reinsurer Swiss Re AG’s reported an unexpected 6 percent fall in quarterly net profit on Friday as claims from large losses offset higher net premiums and a solid return on investments.

Net profit came in at $429 million, below the $657 million market consensus compiled www.swissre.com/dam/jcr:c88bcc1f-9836-4ede-b3c6-540c7df2fa01/q1-2019-published-versus-consensus-table.pdf by the global insurance and reinsurance giant.

Claims from large natural catastrophes and man-made losses included $210 million from North Queensland floods in Australia, Cyclone Idai in Mozambique, and $90 million from the