S&P Affirms/Withdraws Some Swiss Re Operating Company Ratings

July 15, 2009

Standard & Poor’s Ratings Services has affirmed its ‘A+’ long-term counterparty credit and insurer financial strength ratings on various operating companies belonging to global reinsurer Swiss Reinsurance Company Ltd. (Swiss Re; A+/Stable/A-1). The ratings were subsequently withdrawn at the request of management.

S&P said the “withdrawal of these ratings follows the merger of a number of operating companies, or their underlying business, into other rated Swiss Re entities as part of the group’s ongoing initiative to streamline its legal structure.

Details of the merger activity over the past 12 months are:
– All of the pre-existing business of Swiss Reinsurance Co. Canada was transferred into Swiss Reinsurance Company Ltd. (Canadian Branch), effective July 1, 2008;
– Swiss Re Denmark Reinsurance A/S was merged into Swiss Re Europe S.A., effective Aug. 8, 2008;
– Swiss Re Germany AG was merged into Swiss Re Europe S.A. on July 14, 2009, with retroactive effect from Jan. 1, 2009;
– Swiss Re Frankona Rueckversicherungs Aktiengesellschaft was merged into Swiss Re Europe S.A. on July 14, 2009, with retroactive effect from Jan. 1, 2009.

Source: Standard & Poor’s – www.standardandpoors.com

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