Very strong competitive position; Very strong financial flexibility; and Very strong risk-based capitalization. Marginal long-term non-life operating profitability; and Somewhat higher reliance (than peers) on softer forms of capital. The ratings on Zurich-based global reinsurer Swiss Reinsurance Co. and related 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 weaker relative long-term non-life operating profitability, and by a somewhat higher reliance (than peers) on softer forms of capital. Swiss Re's competitive position is very strong overall. In particular, Swiss Re has an extremely strong competitive position in the global
