Reacting to the news that Swiss Re completed its acquisition of GE Insurance Solutions Corp., Standard & Poor’s lowered Swiss Re’s financial strength rating, while three other rating agencies expressed caution on the merge.

Citing concerns with the risks Swiss Re faces associated with integrating companies the size and complexity of GE Insurance, S&P in London cut Swiss Re’s “double-A” to “double-A-minus.” The action applied to Swiss Reinsurance Co. and its core entities, and the rating’s outlook is stable.

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