Zurich, Switzerland — Acknowledging the need to improve its capital position, insurance giant Swiss Re has secured $1.5 billion in loans from New York-based JP Morgan. The insurer says the loan will guarantee it access to financing at competitive rates for years to come.
“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
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