The ratings on Swiss Reinsurance Co. and related core subsidiaries of the Swiss Re group (Swiss Re) reflect the group's very strong business position, particularly in the global life reinsurance market; very strong financial flexibility (defined as the ability to source capital relative to requirements); very strong capitalization; and superior management team. These factors are partly offset by the group's recent marginal but improving operating performance. Major rating factors: Very strong business position. Swiss Re's business position is very strong. In particular, the group has an extremely strong business position in the global life reinsurance sector, where it has a clear market leadership position, accounting for 24% of all life reinsurance premiums written worldwide. In the non-life sector, Swiss Re
