A.M. Best Co. announced that it has affirmed the financial strength ratings of ‘A’ (Excellent) for the Zurich Financial Services Group (ZFS), Switzerland, and its core subsidiaries.
“The outlook remains positive following the company’s release of first quarter results for 2003 and the announcement of the sale of its life insurance subsidiaries in the United States (Federal Kemper Life Assurance Company, Zurich Life Insurance Company of America, Zurich Life Insurance Company of New York and related companies),” said the bulletin. It also noted that “ZFS will retain the ownership of Kemper Investors Life Insurance Company, but parts of its business will be coinsured.”
Best said that first quarter results were in line with its expectations, “with a significant improvement in the consolidated combined ratio at 98.2%.” It indicated that the disposal of the life insurance interests was “in line with ZFS’s aggressive global profit and capital management improvement program,” and noted that “this transaction will contribute to reaffirming ZFS’s excellent business position as a general insurer in its selected core markets (Switzerland, Germany, Italy, Spain, United Kingdom and North America) and, over time, will enhance the company’s excellent consolidated risk-based capitalisation.”
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