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S&P Assigns Swiss Re 'AA+' CCR, Sr Nts; Outlk Stable.



Business Editors

NEW YORK--(BUSINESS WIRE)--Standard & Poor's

April 9, 2001-- Standard & Poor's today assigned as·sign  
tr.v. as·signed, as·sign·ing, as·signs
1. To set apart for a particular purpose; designate: assigned a day for the inspection.

2.
 its double-'A'-plus counterparty Counterparty

The other participant, including intermediaries, in a swap or contract.
 credit and senior notes ratings to Swiss Re Swiss Re is the world’s largest reinsurer, now that it has acquired GE Insurance Solutions (Ligi 2006). Founded in 1863, Swiss Re now operates in more than 30 countries. General Electric owns 8.9% of the firm.  America Holding Corp. (SRAH SRAH Swiss Re America Holding Corp ) based on its status as a core holding company of Swiss Reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract.  Co., and following its assumption of the liabilities and debt obligations of Underwriters Re Group Inc.

The outlook is stable, also consistent with the group.

At the same time, Standard & Poor's removed from CreditWatch the rating on Underwriters Re Group Inc.'s senior notes, where it was placed in December 2000 with positive implications, and raised it to double-'A'-plus. The notes have a face value of $200 million and mature in 2006.

Standard & Poor's then withdrew the single-'A'-minus counterparty credit and senior debt ratings assigned to Underwriters Re Group Inc. at the existing level. This action also follows the transfer and assumption of substantially all of Underwriters Reinsurance Co.'s reinsurance liabilities to SRAH, valued at $979 million and the assignment of assets of equal value as of Jan. 1, 2001.

SRAH is the holding company for core operating company operating company

A business that engages in transactions with outsiders.
 Swiss Reinsurance America Corp. and its subsidiaries, and Swiss Re Life & Health America Holding Co. and its subsidiaries.

Swiss Reinsurance America Corp. and Swiss Re Life & Health America Inc. are core insurers of Swiss Reinsurance Co. All three companies have a triple-'A' financial strength rating with a stable outlook.

Swiss Re America Corp. and Swiss Re Life & Health America Inc. are Security Circle insurers, which means that they voluntarily underwent Standard & Poor's most comprehensive analysis and were assigned ratings in one of the top four categories for financial security. -- CreditWire
COPYRIGHT 2001 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2001, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Publication:Business Wire
Geographic Code:1USA
Date:Apr 9, 2001
Words:272
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