Swiss Re Core Subsidiaries Affirmed At 'AA-', Swiss Re Africa Raised To 'AA-' Under Revised Criteria; Outlook Stable

Swiss Re Group has an excellent franchise as one of the two largest reinsurers globally, with a diversified product suite. Further, the group benefits from 'AAA' level risk-based capital. We are therefore affirming our 'AA-' ratings on Swiss Re's core subsidiaries. We are raising the ratings on Swiss Re Africa Ltd. to 'AA-' from 'A-' under our revised group rating methodology. We have also corrected an error in the application of our "Methodology For Linking Long-Term And Short-Term Ratings" relating to the short-term rating on Swiss Re Europe Holdings S.A. This correction has no impact on the rating. The stable outlook on Swiss Re reflects our expectation that the group will maintain an excellent competitive position and at least 'AA'

...July 25, 2019 - Swiss Re Group has an excellent franchise as one of the two largest reinsurers globally, with a diversified product suite. Further, the group benefits from '###' level risk-based capital. - We are therefore affirming our '##-' ratings on Swiss Re's core subsidiaries. We are raising the ratings on Swiss Re Africa Ltd. to '##-' from 'A-' under our revised group rating methodology. - We have also corrected an error in the application of our "Methodology For Linking Long-Term And Short-Term Ratings" relating to the short-term rating on Swiss Re Europe Holdings S.A. This correction has no impact on the rating. - The stable outlook on Swiss Re reflects our expectation that the group will maintain an excellent competitive position and at least '##' level risk-based capital. LONDON (S&P Global Ratings) July 25, 2019--S&P Global Ratings today affirmed its '##-' issuer credit rating and financial strength rating (FSR) on global reinsurer Swiss Reinsurance Co. Ltd. (Swiss Re). We also...

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