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NEW YORKMoody's Investors Service has upgraded the insurance financial strength ratings on several companies recently acquired by Swiss Reinsurance Co. from General Electric Co., including Employers Reinsurance and Swiss Re Frankona Rückversicherungs A.G.
Moody's also assigned the ratings a negative outlook to correspond with the current outlook on the ultimate parent, Swiss Reinsurance Co. According to Moody's, these actions conclude the review initiated on June 12, 2006, following Swiss Re's announcement that it would acquire GE Insurance Solutions.
In a statement Moody's said that the upgrades reflect the strategic importance of the recently acquired businesses to Swiss Re and the implied support of the parent organization to policyholders of the GEIS organization.
The insurance financial strength ratings of Employers Reinsurance Corporation, Swiss Re Frankona Rückversicherungs A.G., Swiss Re Copenhagen Reinsurance A/S and GE Reinsurance Corp. were raised to Aa2.
The rating agency also upgraded the rating of Swiss Re Frankona Reinsurance Limited (U.K.) to Aa2, although the rating will subsequently be withdrawn given its shell status following the recent transfer of its assets and liabilities to Swiss Reinsurance Company U.K. Ltd., Moody's said.