The ratings on Swiss Reinsurance Co. (SRZ), the parent company of the Swiss Re group (Swiss Re), are based on the group's extremely strong and sustainable global business position, superior management team, very strong profitability, and extremely strong capitalization and financial flexibility. Partly offsetting these strengths is the recent unimpressive performance in nonlife underwriting, but this is now improving. The terrorist attacks on Sept. 11, 2001 in the U.S. have affected the group's results very heavily. A significant improvement is expected in 2002 following the marked hardening of market terms and conditions during late 2001 and 2002. The pending acquisition of Lincoln Re will also strengthen Swiss Re's leading position in life reinsurance and further balance the contributions from nonlife
