A.M. Best Co. announced that it “has placed the A+(Superior) financial strength rating of Zurich Financial Services Group’s (Zurich) reinsurance operations under review with developing implications.” The review follows Zurich’s announcement that it plans to exit the reinsurance business by spinning off its reinsurance subsidiaries as an independent company.
The review includes Zurich Reinsurance North America Group, Zurich Reinsurance North America Inc. and Zurich Re (Cologne). A new company formed by combining these units would “rank among the top ten reinsurers worldwide in terms of premiums,” said the announcement.
A.M. Best stated that, “The A+ (Superior) financial strength rating of Zurich Financial Services Group will remain unaffected by the exit from the reinsurance business. A.M. Best believes the exit will provide Zurich Financial Services Group with the opportunity to reduce volatility in operating results and to focus on the core businesses of asset management, life, personal and commercial insurance.”
Was this article valuable?
Here are more articles you may enjoy.