A.M. Best Co. affirmed the “A” (Excellent) financial strength ratings of Zurich Financial Services Group (ZFS) and its core operating subsidiaries. Simultaneously, A.M. Best affirmed the “a” and “a-” ratings on the senior and subordinated debt instruments issued or guaranteed by Zurich Insurance Company. The ratings were removed from under review with developing implications where they were placed on Sept. 6, 2002. The outlook is positive.
The current ratings are based on the ZFS’s excellent business position in its selected core markets (Switzerland, Germany, Italy, Spain, U.K. and North America), improving operating performance, restored risk-based capitalization and re-balancing of the investment portfolio. Offsetting factors are the challenges associated with the implementation of a strict cost reduction and divestment program, as well as uncertainty regarding potential adverse developments of its asbestos related reserves.
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