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| September 01, 2003 | COPYRIGHT 2003 Financial Times Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

(From Reinsurance)

Swiss Re has had its financial strength and counterparty credit ratings lowered by Standard & Poor's (S&P). The ratings have been cut from 'AA+' to 'AA', but S&P's outlook for the company remains stable. S&P said the rating downgrades "primarily reflect a re-evaluation of reinsurance industry risk and Swiss Re's position within that industry following the relative underperformance in its non-life underwriting profitability". It also said the rating reflected Swiss Re's "slower-than-expected recovery" in earnings.

Rating agency Fitch has affirmed its 'A-' Insurer Financial Strength rating of Lloyd's. It has also changed the rating outlook from negative to stable.

Rating agency Standard & Poor's has maintained insurer Gerling's BB+ under review financial strength rating, but expects to raise it once new capital commitments are made. S&P said it understood ...

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