S&P to Withdraw Swiss Re (Australia) Ratings Jan. 1

Standard & Poor’s Ratings Services announced that on Jan. 1, 2005, it will withdraw its “A”‘ insurer financial strength and counterparty credit ratings on Swiss Re Australia Ltd., a subsidiary of Swiss Re.

S&P explained that the withdrawal “follows Swiss Re Australia Ltd.’s recent announcement that effective Jan. 1, 2005, the Australian and New Zealand property and casualty reinsurance and insurance liabilities of Swiss Re Australia Ltd. will be transferred to the Australian branch of Swiss Reinsurance Co.”

“New and renewal property and casualty reinsurance and insurance business will also be written through this branch from the start of next year. Swiss Reinsurance Co. is rated AA/Negative/A-1+, and Swiss Reinsurance Co. (Australian Branch) has an insurer financial strength rating of AA/Negative. The ratings on Swiss Re Life & Health Australia Ltd. (AA/Negative/–) remain unaffected by the transaction.”