The ratings on Zurich-based global reinsurer Swiss Reinsurance Co. and related core entities of the Swiss Re group (Swiss Re) reflect Swiss Re's very strong competitive position, very strong financial flexibility (defined as the ability to source capital relative to requirements), and very strong risk-based capitalization. These factors are partly offset by historical operating performance which, while strong, is not consistent with the ratings or with the group's very strong competitive position. Swiss Re's competitive position is very strong overall. In particular, Swiss Re has an extremely strong competitive position in the global life reinsurance sector, where it has a market-leadership position, constituting 23.2% of all life reinsurance premiums earned worldwide. In the non-life sector, Swiss Re has a very
