Swiss Re Life & Health America Inc.
Incorporated in 1863, Swiss Re Life & Health America (Swiss Re) is a stock company. It focuses on large and intricate reinsurance transactions with their clients. They also work on pension funds of individual clients, public sector clients and corporate clients. Swiss Re does not offer health insurance, but does offer life insurance and reinsurance.
Focusing on extreme scenarios, Swiss Re enables companies to take risks and in turn, they developed enterprises that successfully progress in today’s world. Its assets include $12,775,209,784 capital, with a net surplus of $1,784,034,439 and capital of $4,000,000.
Swiss Re Company History
Swiss Re started its company in 1863 as a Fire and Casualty Insurance company in Switzerland because of the great fire of Glarus. As the company grew, it added in new programs. In 1875 a subsidiary company called Prudentia joined and eventually merged (1934) with Swiss Re. Prudentia focused on reinsurance and coinsurance.
Swiss Re set up a U.S. branch in 1910. The following year they set up shop in Latin America. In 1918, the expansion continued and in order to keep legal provisions intact, they set up a secondary company named General Re in 1924.
By 1923, Swiss Re has shares in 31 insurance companies with most of them being direct insurers, and is present in 11 countries. Swiss Re founded the North American Reassurance Company, which is the first American reinsurance company to exclusively write life business. Swiss Re assumes a leading position in the insurance business amongst its competitors.
Swiss Re’s companies through the years merge and become more unified while expansions continue. Swiss Re in 2010 established a new leadership structure in order to strengthen the companies’ center capabilities and market presence. Swiss Re focuses on the following:
- Corporate Solutions (Swiss Re’s insurance related offerings)
Swiss Re Company Products
Swiss Re is known for its risk management solutions and innovative reinsurance. The products they offer are:
- Insurance-based capital market instruments
- Risk management services to life and health clients, as well as property and casualty clients
- Wholesale reinsurance products and brokers around the world
Swiss Re is one of the leading providers of reinsurance to life insurance companies nationwide. They have very specific knowledge of morbidity and mortality trends. Supporting clients with sustainable solutions, they also have their own index of life and health books of business they use for their own uses.
Swiss Re offers individual reinsurance and corporate reinsurance to their clients. They are experts in both national and local business practices in property and casualty. With this, they are able to provide clients with transfer solutions in all aspects of business.
Swiss Re also focuses on asset management. This division sets the company’s investment strategy and makes sure their assets match reinsurance liabilities and generate the best investment returns.
Swiss Re Company Ratings
According to A.M. Best, Swiss Re has a financial strength rating of A which is “Excellent.” Their outlook is “Positive” and the effective date of this rating was recent, December 15, 2010. For their credit rating, A.M. Best rated them with an A+ in long-term credit rating with a “Positive” outlook.
With an A rating, Swiss Re is near the top of A.M. Best’s rating list. Ratings for A.M. Best can fall anywhere between A++ to F, A++ is considered “Superior” while F is considered “Liquidation.” Any rating between an A++ and a B+ is considered “Secure” in terms of financial and credit stability.
Health Insurance Company Alternatives
Swiss Re is definitely a leader when it comes to Life Insurance and Reinsurance, but they do not offer health insurance. However, several companies offer and focus on health insurance. The following are companies who fall somewhere in the top 25 of the best health insurance companies on a national level (information according to U.S. News):
- Metropolitan Group
- Unumprovident Corp. Group
- Universal Amer Fin Corp. Group
- Lifetime Healthcare Group
- BCBS of NC Group