S&P upgrades Swiss Re

Standard & Poor's said it raised its long-term counterparty credit and insurer financial strength ratings on reinsurer Swiss Reinsurance Co. Ltd. and its core subsidiaries to AA- from A+. The outlook on all of these entities is stable.

S&P said the upgrade to AA- reflects its view that Swiss Re has met expectations for an upgrade since the agency's last full review, namely by improving its financial profile, repaying the convertible perpetual capital instrument with Berkshire Hathaway, and continuing to generate strong operating performance characterized by strong underlying performance and improved net income.

The ratings on Swiss Re reflect the group's very strong competitive position, very strong capitalization, and very strong non-life operating performance, the agency said.

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