Signs of reinsurance giant’s internal mergers are seen in S&P assessment
A ratings assessment by Standard & Poor's reveals some of the major internal restructuring taking place at Swiss Re.
Several of Swiss Re’s subsidiaries saw their ratings affirmed at A+ then withdrawn by S&P at the request of management due to what the rating agency calls ‘ongoing simplification’ of the global reinsurer’s legal status.
These changes involve the merger of a number of operating companies, or their underlying business, into other rated Swiss Re entities as part of the group's ongoing initiative to streamline its legal structure.
Internal merger activity over the past 12 months are detailed as follows:
- All of the pre-existing business of Swiss Reinsurance Co. Canada was transferred into Swiss Reinsurance Company Ltd. (Canadian Branch), effective July 1, 2008;
- Swiss Re Denmark Reinsurance A/S was merged into Swiss Re Europe S.A., effective Aug. 8, 2008;
- Swiss Re Germany AG was merged into Swiss Re Europe S.A. on July 14, 2009, with retroactive effect from Jan. 1, 2009;
- Swiss Re Frankona Rueckversicherungs Aktiengesellschaft was merged into - Swiss Re Europe S.A. on July 14, 2009, with retroactive effect from January 1, 2009.