Best’s News & Research Service - March 29, 2023 10:51 AM (EDT)
AM Best Withdraws Credit Ratings of Zurich Insurance plc, the Ireland subsidiary of Zurich Insurance Group Ltd
- March 29, 2023 10:51 AM (EDT)
London //BestWire// - AM Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “aa-” (Superior) of Zurich Insurance plc (ZIP) (Ireland), a subsidiary of Zurich Insurance Group Ltd (Zurich). The outlook of the FSR is stable while the outlook of the Long-Term ICR is positive. Concurrently, AM Best has withdrawn the Credit Ratings (ratings) as the company has requested to no longer participate in AM Best’s interactive rating process.
The ratings factor in ZIP’s strategic importance to and strong integration with the Zurich group, and reflect Zurich’s consolidated balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, very favourable business profile and appropriate enterprise risk management.
On 1 January 2023, ZIP transferred most of its U.K. general insurance business portfolio to a branch of Zurich Insurance Company Ltd. Following the transfer, ZIP remains a key subsidiary for the Zurich group as the main carrier of the group’s property and casualty business in Europe.
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 use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.