LONDON (Standard&Poor's) Feb. 5, 2004--Standard&Poor's Ratings Services said today that based on the preliminary information provided, the announcement by Swiss Reinsurance Co. (SRZ; AA/Stable/A-1+) that it has agreed to acquire Chicago-based CNA Financial Corp.'s (BBB-/Watch Neg/A-3) individual life insurance business will have no immediate impact on the ratings on SRZ or related entities of the Swiss Re group. The purchase includes the acquisition of Valley Forge Life Insurance Co. (A/Watch Dev/--) and CNA International Life (not rated). The purchase price of approximately $690 million in cash consists of the net assets acquired plus the present value of future profits expected to emerge from the business being purchased. Consequently, there is no goodwill payable. Standard&Poor's
