The “A+” financial strength rating (FSR) of Zurich Financial Services Group’s (Zurich) reinsurance operations were placed under review with developing complications by A.M. Best. Zurich recently announced that it will exit the reinsurance business, spinning it off to create an independent, publicly traded and globally operated company. The close of that transaction is expected to occur by the fourth quarter of this year. Companies affected by the rating action are Zurich Reinsurance North America Group; Zurich Reinsurance North America Inc. (ZRNA); and Zurich Ruckversicherung (Koln) AG (ZRK). However, Zurich’s “A+” FSR will remain unaffected.
S&P placed its “AA” counterparty credit rating and insurer FSR on ZRNA and ZRK on CreditWatch with negative implications.
Topics Reinsurance
Was this article valuable?
Here are more articles you may enjoy.
Insurer Chubb Readies $350M Payout Tied to Baltimore Bridge Collapse 
Progressive Set to ‘Maximize’ Growth, Building on Q1 
Reserve Strengthening for Casualty Lines Not Over: Moody’s 
Pfizer Agrees to Settle More Than 10,000 Zantac Cancer Lawsuits From This Issue
