Leading market position in various significant markets around the world, both in life and non-life reinsurance. Reputation as leader and innovator in the reinsurance market, which helps Swiss Reinsurance Co. Ltd. attract large profitable private deals and transact with differentiated terms and conditions. Very strong diversification by geography and product offering, somewhat insulating Swiss Re from competitive pressures in individual markets. Competitive advantage due to its substantial excess capital position relative to our ratings, combined with its position as a market leader. Extremely strong capital and earnings supported by capital adequacy well in excess of our 'AAA' benchmark. Potential for material volatility to capital and earnings through significant exposure to large risks, such as natural catastrophes, which leads to a
