S&P affirm AA- rating for Swiss Re

The ratings agency Standard & Poors (S&P) has affirmed its ‘AA-’ insurer financial strength rating for global reinsurer Swiss Re.

It has reported that the outlook on all the long-term ratings is stable.

The rating reflects S&P’s view that “the group continues to have an extremely strong competitive position and capital adequacy, partially offset by its high risk profile.”

Swiss Re recently announced the departure of the group’s long-time chief financial officer George Quinn.

Quinn oversaw risk reduction strategies following the financial crisis and plans to depart on 30 April 2014.

The agency added that Quinn’s departure did not affect Swiss Re’s overall ratings.