Moody's affirms General Re

Moody's Investors Service said it affirmed the Aa1 insurance financial strength rating of General Reinsurance Corp. and its rated affiliates, General Re, and the prime-1 rating for commercial paper of its immediate parent, General Re Corp.

The outlook is stable.

General Re is owned by Berkshire Hathaway Inc., which has a long-term issuer rating of Aa2, short-term issuer rating of prime-1 and a stable outlook.

The ratings reflect the company's strong market presence, its favorable underwriting results and profitability, moderate operating leverage and sound capital base, Moody's said.

The strengths are tempered by the competitive pressures in the global reinsurance market, the potential for adverse loss reserve development and inherent volatility, the agency said.

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