At the same time,
The ratings of ZIC and its main rated affiliates reflect the group’s excellent competitive position in
The weak technical performance of the
For the first nine months of 2016, the GI segment produced a combined ratio of 98.4% relative to the 101.9% and 103.6% reported for the comparable period and full year of 2015, respectively. Early improvements arising from management’s turnaround actions were apparent, with the overall attritional loss ratio improving to 65.9% (first nine months of 2015: 66.6%). Additionally, technical results benefited from favourable prior-year reserve developments and a lower frequency of large and catastrophe losses that affected earnings in the previous year. Nonetheless, further actions are required within the GI segment to restore its profitability, particularly for the Global Corporate account.
Zurich also is expected to focus on reducing its earnings volatility through the tactical rebalancing of its insurance portfolio, optimisation of its reinsurance programme and the de-risking of its investment asset allocation.
The FSR of A+ (Superior) and the Long-Term ICRs of “aa-” have been affirmed for
Zurich Insurance Plc
Fidelity and Deposit Company of Maryland
Empire Fire and Marine Insurance Company
Empire Indemnity Insurance Company
Universal Underwriters Insurance Company
American Guarantee and Liability Insurance Company
American Zurich Insurance Company
Universal Underwriters of Texas Insurance Company
Steadfast Insurance Company
Zurich American Insurance Company
Zurich American Insurance Company of Illinois
Colonial American Casualty & Surety Company
Rural Community Insurance Company
This press release relates to Credit Ratings that have been published on A.M. 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 A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings.
Copyright © 2016 by A.M. Best Rating Services, Inc. and/or its subsidiaries. ALL RIGHTS RESERVED.
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