Zurich, Switzerland — Acknowledging the need to improve its capital position, insurance giant
“Notwithstanding the difficult capital market environment, we have concluded an attractive, long-term arrangement with JP Morgan which will further enhance our position to be able to benefit from opportunities that arise from the current market environment,” Jacques Aigrain, Swiss Re’s CEO, said in a statement.
The announcement aims to parry a Dec. 19 downgrade from AM Best, which trimmed the company’s credit ratings over concerns that investment losses had weakened Swiss Re’s capital position.
Sources: Swiss Re, AM Best