AM Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of 'aa-' of the main rated insurance subsidiaries of
At the same time, AM Best has affirmed the Long-Term ICR of 'a' of Zurich (a non-operating holding company). The outlook of these Credit Ratings (ratings) is stable.
The ratings reflect Zurich's consolidated balance sheet strength, which AM Best categorises as very strong, as well as its strong operating performance, very favourable business profile and appropriate enterprise risk management (ERM).
Zurich's balance sheet strength is underpinned by risk-adjusted capitalisation, as measured by Best's Capital Adequacy Ratio (BCAR), at the strongest level. The group's balance sheet strength further benefits from excellent liquidity and good financial flexibility, with demonstrated access to capital markets. A partially offsetting factor is Zurich's reliance on soft capital components to support its capital position, which include the value of in-force life business and hybrid debt.
Zurich's strong operating performance is supported by solid returns from its life insurance operations, consistent risk-free income derived from its non-claims management services for Farmers Exchanges (a leading mutual insurance group operating in
Zurich is one of the world's leading insurance groups, with excellent diversification by geography and product. The group maintains competitive advantages in
The FSR of A+ (Superior) and the Long-Term ICRS of 'aa-' have been affirmed with a stable outlook for the following subsidiaries of Zurich:
The
This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best's Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper media use of Best's Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best's Credit Ratings and AM Best Rating Action Press Releases.
AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in
(C) 2020 Electronic News Publishing, source