AM Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa” (Superior) of Swiss Reinsurance Company Ltd (Switzerland) and its rated operating affiliates, all subsidiaries of Swiss Re Ltd (Swiss Re). At the same time, AM Best has affirmed the Long-Term Issue Credit Ratings (Long-Term IRs) on the debt and the indicative Long-Term IRs on securities available under Swiss Reinsurance Company Ltd.’s debt issuance programme. The outlook of these Credit Ratings (ratings) is stable. (See below for a detailed listing of the companies and ratings.)

The ratings reflect Swiss Re’s balance sheet strength, which AM Best assesses as strongest, as well as its strong operating performance, very favourable business profile and very strong enterprise risk management.

Swiss Re’s balance sheet strength is underpinned by its consolidated risk-adjusted capitalisation that is comfortably in excess of AM Best’s minimum requirement for the strongest assessment level, as measured by Best’s Capital Adequacy Ratio (BCAR). The assessment considers the group’s conservative asset allocation, strong asset liability management and enhanced reserving approach. Additionally, Swiss Re’s financial flexibility is excellent, supported by effective capital management, and the group has low dependence on retrocession.

Swiss Re has a track record of strong operating performance. The group reported a net profit of USD 2.6 billion in the first half of 2025 (compared with USD 2.1 billion in the first half of 2024), reflecting solid underwriting performance and good investment return. Over recent years, Swiss Re has taken steps to improve the performance of its U.S. liability business, by pruning the underwriting portfolio and strengthening reserves. AM Best will continue to monitor the earn-through of these corrective actions. Swiss Re is on track to meet its financial targets for 2025, having reported a return-on-equity ratio of 23.0% in the first half of the year.

Swiss Re maintains a leading position in the global reinsurance market, with insurance service revenue of USD 45.6 billion in 2024. The group has a strong brand and excellent geographic diversification, which positions it well to navigate changing market conditions.

The FSR of A+ (Superior) and the Long-Term ICRs of “aa” (Superior) have been affirmed with stable outlooks for Swiss Reinsurance Company Ltd and its following affiliates:

• Swiss Re Asia Pte. Ltd.
• Swiss Re Europe S.A.
• Swiss Re International SE
• Swiss Re Life & Health America Inc.
• Swiss Reinsurance America Corporation
• Westport Insurance Corporation
• Swiss Re Corporate Solutions America Insurance Corporation
• Swiss Re Corporate Solutions Premier Insurance Corporation
• Swiss Re Corporate Solutions Elite Insurance Corporation
• Swiss Re Corporate Solutions Capacity Insurance Corporation

The Long-Term ICR of “a” (Excellent) has been affirmed with a stable outlook for Swiss Re America Holding Corporation.

The following indicative Long-Term IRs on securities available under Swiss Reinsurance Company Ltd’s USD 10 billion debt issuance programme have been affirmed with stable outlooks:

Swiss Reinsurance Company Ltd—

-- “aa-” (Superior) on all senior unsecured notes to be issued under the programme

-- “a+” (Excellent) on all senior subordinated notes to be issued under the programme

-- “a” (Excellent) on all junior subordinated notes to be issued under the programme

The following Long-Term IR has been affirmed with a stable outlook:

Swiss Re Treasury (US) Corporation (guaranteed by Swiss Reinsurance Company Ltd)—

-- “aa-” (Superior) on USD 500 million 4.25% senior unsecured notes, due 2042

The following Long-Term IRs have been affirmed with stable outlooks:

Swiss Re America Holding Corporation—

-- “a” (Excellent) on USD 600 million 7.00% senior unsecured notes, due 2026

-- “a” (Excellent) on USD 350 million 7.75% senior unsecured notes, due 2030

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

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