Bulletin: Swiss Re Group Ratings Not Affected By Admin Re Acquisition Of Guardian

LONDON (Standard&Poor's) Sept. 24, 2015--Standard&Poor's Ratings Services said today that its counterparty credit and insurer financial strength ratings on global reinsurer Swiss Reinsurance Co. Ltd. (AA-/Stable/A-1+) and its core subsidiaries (together, Swiss Re Group) are unaffected by the group's announcement that its Admin Re business unit will buy U.K.-based Guardian Holdings Europe Ltd., the holding company of closed-block consolidator Guardian Financial Services (Guardian). The Admin Re business unit and its subsidiaries are unrated. Swiss Re has said that it will fund the £1.6 billion acquisition from cash in hand and by raising external debt. We consider this acquisition to be in line with Swiss Re's strategy to place Admin Re as a leader in the closed

...LONDON (Standard & Poor's) Sept. 24, 2015--Standard & Poor's Ratings Services said today that its counterparty credit and insurer financial strength ratings on global reinsurer Swiss Reinsurance Co. Ltd. (##-/Stable/A-1+) and its core subsidiaries (together, Swiss Re Group) are unaffected by the group's announcement that its Admin Re business unit will buy U.K.-based Guardian Holdings Europe Ltd., the holding company of closed-block consolidator Guardian Financial Services (Guardian). The Admin Re business unit and its subsidiaries are unrated. Swiss Re has said that it will fund the ú1.6 billion acquisition from cash in hand and by raising external debt. We consider this acquisition to be in line with Swiss Re's strategy to place Admin Re as a leader in the closed life book market, with particular focus on the U.K. We expect the group's capital adequacy to be sufficient to absorb this acquisition and remain extremely strong over the next three years. Under Standard & Poor's policies, only...

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