Standard&Poor's affirmed its ratings on Swiss Reinsurance Co. (SRZ) and related core subsidiaries of the Swiss Re group (Swiss Re) on April 26, 2002, following the publication of the group's annual results. The outlook on all companies is stable. (See list below for all entities affected.) The affirmation largely reflects Swiss Re's extremely strong and sustainable global business position, superior management team, strong overall earnings profile, and extremely strong capitalization and financial flexibility. These strengths are partly offset by the group's marginal performance in non-life underwriting over the past few years, particularly in the U.S. Major rating factors: Swiss Re is one of the few reinsurers with a truly global business franchise. It has leading market positions in
