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Swiss Re on neg watch until GEIS merger completes

Swiss Re and its core operating companies will remain on Standard & Poor’s CreditWatch with negative implications, where it was placed on November 18, 2005 following the plans to acquire GE Insurance Solutions.

The CreditWatch placement will be resolved in June upon the completion of the acquisition of GEIS, which is still pending regulatory approval.

The risks of merging two firms of the size and complexity of GEIS are offset by Swiss Re’s track record of successful transatlantic acquisitions and the advanced planning already in place.

Once the transaction goes through, it is expected that the rating will be lowered to AA- with a stable outlook.

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