Very strong competitive position Very strong financial flexibility Very strong capitalization Strong enterprise risk management Historical long-term non-life operating profitability inconsistent with competitive position 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 the group's very strong competitive position, very strong financial flexibility (defined as the ability to source capital relative to requirements), very strong capitalization and strong, prospectively excellent, enterprise risk management (ERM). These factors are partially offset by historical operating performance, which, although strong, is not consistent with the ratings or the group's very strong competitive position. Swiss Re's competitive position is very strong overall and
