Brightbridge Wealth Management Headlines: Swiss Re reclaims prized S&P credit rating
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by kadewyatt
159 days ago
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Reuters) – Swiss Re (SRENH.VX) has regained a prized credit rating lost during the financial crisis, a key step toward the reinsurer’s goal of expanding its business.
Standard & Poor’s on Friday raised its rating on Swiss Re to AA- with a stable outlook from A+, citing the company’s strong capital base. “The impact should be positive, allowing Swiss Re to deploy more of its capital into reinsurance underwriting and also apply a somewhat more flexible investment strategy,†analysts at Vontobel said. Swiss Re lost its double A rating in 2009 after risky investments put its capital base in jeopardy, forcing it to take an emergency 3 billion Swiss franc ($3.48 billion) loan from U.S. billionaire Warren Buffett. The Zurich-based reinsurer repaid the Buffett loan late last year, and some analysts have been speculating the firm could be ripe for a ratings upgrade. » Brightbridge Wealth Management Headlines: Swiss Re reclaims prized S&P credit rating |