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Swiss Re and Hartford downgraded

2 March 2009

Late last week the ratings agencies trimmed the ratings of (re)insurance giants Swiss Re and troubled US composite group The Hartford.

Following similar moves by fellow ratings agencies in the preceding week, AM Best downgraded Swiss Re's financial strength rating to A from A+, while trimming the Swiss giant's issuer credit ratings to a+ from aa-.

Best stated that despite the recent SFr3bn injection of capital from Berkshire Hathaway, Swiss Re's overall risk-adjusted capitalisation "does not have a sufficient cushion...

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