The ratings on Zurich-based global reinsurer Swiss Reinsurance Company Ltd. and related core entities of the Swiss Re group (Swiss Re or the group) reflect the group's very strong competitive position, very strong capitalization, and strong underlying operating performance. They are constrained by the still-high financial risk exposure and limits and the fact that in Standard&Poor's Ratings Services' view, Swiss Re has yet to fully restore its financial flexibility. Swiss Re is the second-largest global reinsurer, with diversity across business lines, geography, and product, in addition to risk capacity and leadership in insurance-linked capital markets that is shared by few competitors. It has demonstrated an impressive level of resilience and we believe that client concerns have receded to
