AM Best has downgraded the Long-Term Issue Credit Rating (Long-Term IRs) of the senior unsecured note guaranteed by Swiss Reinsurance Company Ltd. (see details below) and the indicative Long-Term IRs on securities that may be potentially issued or guaranteed by Swiss Reinsurance Company Ltd. under the Swiss Re group’s USD 10 billion debt issuance programme due to the change in Swiss law. The downgrade of the indicative Long-Term IRs of subordinated debt available under the programme is a consequence of applying notching in line with Best's Credit Rating Methodology. Although AM Best has indicative Credit Ratings (ratings) on the debt issuance programme, the debt issued from the programme is not rated by AM Best. The rating actions for these Long-Term IRs are unrelated to the rating fundamentals of Swiss Reinsurance Company Ltd.

The rating actions for these Long-Term IRs are driven by a change in the Swiss Insurance Supervision Act that came into effect 1 January 2024, which means that the senior unsecured debt issued or guaranteed by Switzerland-domiciled operating reinsurance companies are now ranked below policyholders in an insolvency scenario. Previously, the senior unsecured debt ranked pari passu with policyholders.

These rating actions do not reflect a change in AM Best’s view of the creditworthiness of Swiss Reinsurance Company Ltd., which has a Financial Strength Rating of A+ (Superior) and a Long-Term Issuer Credit Rating of “aa” (Superior). The outlook of these ratings is stable.

The following indicative Long-Term IRs on securities that may be potentially issued or guaranteed by Swiss Reinsurance Company Ltd. under the Swiss Re group’s USD 10 billion debt issuance programme have been downgraded. The outlooks have been revised to stable from negative.

Swiss Reinsurance Company Ltd.—

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

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

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

The following Long-Term IR has been downgraded and the outlook has been revised to stable from negative.

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

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

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.

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