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Fitch affirms Swiss Re
Fitch Ratings said it affirmed Swiss Reinsurance Co. Ltd.’s (Swiss Re) insurer financial strength rating at AA- (very strong) and long-term issuer default rating at A+.
The agency also affirmed the ultimate holding company Swiss Re Ltd.'s issuer default rating at A.
The outlooks are stable.
Fitch affirmed the existing senior and subordinated debt instruments and assigned Swiss Re Ltd.'s Demeter Investments BV subordinated loan notes a BBB rating and Swiss Reinsurance Company Ltd's ELM BV subordinated notes an A- rating.
Fitch said the affirmation reflects the strong franchise of Swiss Re, its very strong business profile within the global reinsurance industry, its consistently strong financial performance and very strong capitalization.
“Fitch views Swiss Re as one of a small group of reinsurers with the scale, quality and financial strength to attract the highest-quality business. Business diversification is a positive rating factor, with Swiss Re writing a combination of property & catastrophe (P&C) and life reinsurance, as well as primary business,” the agency said in a news release.
“We expect Swiss Re's earnings generation to remain strong despite pricing pressure in certain parts of the reinsurance market.”
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