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A.M. Best Comments on Swiss Re Group's Results.

OLDWICK, N.J. -- A.M. Best Co. has commented that the consolidated post-tax earnings of CHF 2.5 billion (USD 2.2 billion) for 2004 reported by Swiss Re are within A.M. Best expectations and, therefore, all ratings of Swiss Re Group (Swiss Re) companies remained unchanged.

Despite Swiss

Re's significant exposure to natural losses (CHF 1.2 billion, USD 1 billion) and strengthening of non-life reserves (CHF 948 million, USD 822 million), year-end 2004 consolidated profitability improved, partially helped by a CHF 241 million (USD 208 million) release of equalisation provisions. Prospectively, A.M Best continues to believes that Swiss Re's average profitability target of a 96% combined ratio for its property/casualty business over 2005 - 2006 and an average return on equity of 13% over the cycle are feasible targets, provided no adverse developments in US liability lines emerge.

For Best's Ratings, an overview of the rating process and rating methodologies, please visit http://www.ambest.com/ratings.

A.M. Best Co., established in 1899, is the world's oldest and most authoritative insurance rating and information source. For more information, visit A.M. Best's Web site at http://www.ambest.com.

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