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ZURICH—A.M. Best Co. Inc. has upgraded the financial strength rating of Swiss Reinsurance Co. Ltd. and its subsidiaries to A+ from A.
The upgrade reflects a reduced level of risk in the Zurich-based reinsurance company's investment portfolio following major investment losses in 2008, Oldwick, N.J.-based Best said Tuesday in a statement.
Swiss Re's limited exposure to the eurozone debt crisis also contributed to the rating upgrade.
In a year that saw numerous natural catastrophes, Swiss Re's nonlife operations recorded a combined ratio of 104.6% and its underwriting performance has been strong, Best said.
“The success of these measures is quantified in the strong risk-based capitalization and excellent underwriting results of the group over the past several years,” Best said in the statement. “The company has established sound client relationships with some of the largest companies in the world while offering larger lines and capacity.”
ZURICH (Reuters)—Reinsurer Swiss Re Ltd. estimates the cost of claims from floods in Thailand at $600 million, it said Tuesday, adding to an already high disaster tally for the year after severe rains damaged industrial sites and disrupted production.