The ratings on Zurich-based global reinsurer Swiss Reinsurance Co. and related core entities of the Swiss Re group reflect the group's very strong competitive position, very strong financial flexibility (defined as the ability to source capital relative to requirements), and very strong capitalization. These factors are partially offset by historical operating performance, which, although strong, is not consistent with the ratings or the group's very strong competitive position. Execution risk arising from the integration of GE Insurance Solutions Corp.'s operations (GEIS; major operating entities are rated A+/Stable/--) is also a negative. Swiss Re's competitive position is very strong overall and is significantly enhanced by its diversity across business lines, geography, and product, and through strong brand awareness. The group is
