Intermediate industry and country risk exposure owing to catastrophe product risks balanced with a diversified international book of business. Strong competitive position based on its diverse book of business by product line and geography, and a track record of strong earnings. Capital adequacy will likely remain very strong. Our base-case scenario anticipates a track record of strong earnings to continue. High risk position reflects material, albeit reduced, exposure to potential catastrophe losses. Financial flexibility is strong thanks to the group's proven access to sources of external capital and liquidity. We combine our view of the group's strong business risk profile and moderately strong financial risk profile to derive an anchor of 'a-'. The group credit profile (GCP) is one notch
