In the diagram above, the financial strength rating applies to the core operating subsidiaries of Swiss Re Ltd. Extremely strong franchise, being one of the largest two reinsurers globally. Diversified product suite across non-life and life reinsurance, together with Swiss Re Corporate Solutions (SRCS; primary commercial insurance) and Life Capital (closed- and open-life business). Likely to remain very well capitalized under both an S&P Global Ratings-adjusted (at the 'AAA' level) and regulatory basis, even after 2017 catastrophe losses. While this is very much part of the business model, Swiss Re remains beholden to catastrophe risk, as demonstrated during 2017, although the reinsurer remains one of the most diverse globally. Weak performance from SRCS in recent years. Increasingly difficult to sustainably
