S&P affirms Swiss Re

S&P said it affirmed its AA- issuer credit rating on Swiss Reinsurance Co. Ltd.

The agency also affirmed the A ratings on Swiss Re Ltd. and all ratings on its core and highly strategic subsidiaries, except for Swiss Re ReAssure Ltd. which remains on CreditWatch negative.

The outlook on all the long-term ratings is stable, other than the senior debt issued by Swiss Re ReAssure which remains on CreditWatch developing.

“The affirmations reflect our view of Swiss Re's very strong globally diversified business risk profile and its extremely strong capital adequacy (i.e. we expect capital adequacy to remain at the AAA level),” S&P said in a news release.

“These positives are partially offset by its moderate risk position, mainly due to its exposure to potential unforeseen large losses from catastrophe events, as demonstrated by the 2017 U.S. hurricane losses.”

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