Very strong competitive position; Very strong financial flexibility; and Very strong capitalization. Historical long-term non-life operating profitability not consistent with competitive position; and Somewhat higher reliance (than peers) on softer forms of capital. 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
