Best Sees No Change in Swiss Re Ratings

A.M. Best Co. issued a brief comment following the announcement that Swiss Re has agreed to acquire CNA Financial Corporation’s life insurance book of business (See IJ Website Feb.5), indicating that it plans no changes in the company’s ratings.

“The financial strength rating of “A+” (Superior) of Swiss Reinsurance Company (Swiss Re) and its core subsidiaries remains unchanged following the announcement,” said Best. It added that the rating outlook remains stable and noted that the acquisition was still subject to regulatory approvals.

It also recognized that the acquisition was in-line with Swiss Re’s strategy in the United States, “to expand its Admin Re portfolio whereby it acquires companies or blocks of business for run-off.”