The ratings on Zurich-based global reinsurer Swiss Reinsurance Company Ltd. and the associated core entities (Swiss Re or the group) reflect the group's very strong competitive position, very strong capitalization, and very strong non-life operating performance. They are constrained by Standard&Poor's Ratings Services' view that group's life operating performance has exhibited some volatility and has not contributed to group profitability on the same scale as the non-life segment. In addition, we believe that because of frequent changes at the executive management level over the last two years, the group's current management team does not have the benefit of a track record together or proven operational effectiveness and cohesiveness. In short, we believe it will take time to see
