A Swiss Re executive said he would not be concerned if the company's plan announced today to spend $6.8 billion for the bulk of GE Insurance Solutions landed the company on a ratings watch, and three rating agencies obliged.
Fitch Ratings, Moody's Investors Service and Standard & Poor's placed Swiss Re on rating watch with negative implications. Moody's said it placed the company on rating watch for a possible downgrade.
The rating agencies said they were concerned with the complexity of the integration of GE Insurance Solutions with Swiss Re. They noted too the poor performance of GE Insurance. However, the agencies pointed to Swiss Re's past ability to integrate acquisitions successfully as a positive sign.
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