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News Focus - Fitch downgrades Swiss Re's ratings.
(From Reinsurance)
Fitch Ratings has downgraded its issuer default rating (IDR) and insurer financial strength (IFS) rating on Swiss Re to 'AA-' (AA minus) from 'AA+', and has removed the ratings from rating watch negative.
Additionally, Fitch has affirmed its 'A+' IDR on GE Insurance Solutions (GEIS) and its 'AA-' (AA minus) IFS rating on GEIS' Employers' Reinsurance Corporation operating subsidiary, and removed the ratings from rating watch positive. The outlook for all of the ratings is stable.
Fitch's rating actions follow the completion of the agency's review of Swiss Re's acquisition of GEIS, which closed in mid-June. Fitch's downgrade of Swiss Re reflects the agency's concerns with the company's ability to generate run-rate earnings and returns on capital that are commensurate with the company's previous ratings. Also, Fitch believes that Swiss Re's acquisition of GEIS magnifies these concerns and adds a material amount of uncertainty to the group's credit profile.
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