Intermediate industry and country risk exposure owing to a portfolio reflecting reinsurance and catastrophe product risks balanced with a diversified international book of business. Strong competitive position based on diversified geographic footprint, multiple lines of business, and a track record of strong earnings. Future earnings expected to sufficiently cover incremental capital requirements from business growth and capital returns to shareholders Capital adequacy will likely remain very strong. High risk position reflects material exposure to capital volatility from potential catastrophe losses. Financial flexibility is strong thanks to the group's proven access to sources of external capital and moderate levels of debt leverage and coverage. We combine our view of the group's strong business risk profile and moderately strong financial risk profile
