On Nov. 18, 2005, Standard&Poor's Ratings Services placed its 'AA' long-term counterparty credit and insurer financial strength ratings on Swiss Reinsurance Co. (Swiss Re) and its core operating companies on CreditWatch with negative implications. The CreditWatch placement follows the announcement by Swiss Re that it has agreed with U.S.-based General Electric Co. (AAA/Stable/A-1+) to acquire the latter's reinsurance operations, GE Insurance Solutions Corp. (GEIS; BBB+/Watch Pos/--; main group operating entities are rated 'A', which factors in the parent's support). The CreditWatch status reflects the execution risk associated with integrating a group of the size and complexity of GEIS, which has a lower rating than that on Swiss Re. The ratings on GEIS partly reflect the state of flux
