A.M. Best Assigns Rating to Forthcoming Notes to Be Issued by Swiss Re

Business Wire, April 24, 2007

OLDWICK, N.J. -- A.M. Best Co. has assigned a rating of "a " to the proposed perpetual step up-loan notes (approximately USD 500 million issued in AUD) to be issued by ELM B.V., a bankruptcy remote repackaging vehicle based in the Netherlands, and which are secured over perpetual subordinated step-up loan notes issued by Swiss Reinsurance Company (Swiss Re) (Switzerland). The rating outlook is negative.

The rating of this instrument reflects its deeply subordinated nature and the financial strength of the collateral obligor and guarantor, respectively. A.M. Best will credit these hybrid securities up to a limit of 20% of total adjusted capital.

For Best's Debt Ratings, all other Best's Ratings, an overview of the rating process and rating methodologies, please visit www.ambest.com/ratings.> Founded in 1899, A.M. Best Company is a full-service credit rating organization dedicated to serving the financial services industries, including the banking and insurance sectors. For more information, visit www.ambest.com.