LONDON (S&P Global Ratings) Dec. 15, 2020--S&P Global Ratings said today that Swiss Reinsurance Co. Ltd. (SRZ; AA-/Negative/A-1+) assumed the subordinated debt from Swiss Re Corporate Solutions Ltd. (SRCS) and this does not affect our rating on the debt. This transfer is part of the ongoing legal entity reorganization of the Swiss Re Group, where the corporate solutions (CorSo) business unit is likely to be assumed by SRZ. We expect the targeted legal entity structure to be implemented by the end of 2021, pending regulatory approvals. The ratings on the subordinated debt remain unchanged because the key terms and conditions of the bond are unchanged and SRZ is rated at the same level as SRCS. Like the other subordinated debt
