View more on these topics

Moody’s downgrades Swiss Re

Moody’s Investors Service has downgraded the insurance financial strength and senior debt ratings of Swiss Re.

The rating agency has downgraded the Swiss reinsurer from Aa3 to A1 as a result of the group’s “weakening profitability, capital adequacy, and financial flexibility metrics”, said a statement.

While Moody’s expects the group’s core reinsurance activities to continue to perform well, a statement says: “It sees the potential in the short-term for overall profitability to be suppressed by further mark-to-market losses”.

the statement says: “Moody’s also believes that, notwithstanding an excellent market position, the group’s business franchise may be weakened to an extent by its year-end 2008 results, although Swiss Re remains in a good position to take advantage of improved market conditions. The negative outlook is principally driven by the challenge of running off the group’s legacy portfolios.”

Swiss Re reported a net loss of £509m during 2008, with legacy unit markwd losses of £3.5bn.


Royal assembly

Given the number of new entrants into the offshore market last year, Royal London can be said to have bucked the trend by merging its two international businesses into one. The mutual acquired Scottish Provident’s protection and offshore arms from Resolution during the first quarter of 2008 in a deal that was completed by June.

Deducing deductibility

For a couple of weeks now, I have been leading up to this detailed look at the tax treatment of premiums paid and sums assured received under keyperson policies. At last, here it is. You can find extensive coverage of this and related subjects in our Techlink service (see


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm