NU Online News Service, Nov. 19, 3:56 p.m. EST
Based on the improved underwriting and operating performance of the U.S. subsidiaries of Zurich Insurance Company Ltd., rating agency A.M. Best has upgraded the insurer's financial strength rating.
Zurich is now rated A-plus, up from A, with a stable outlook, reflecting strong capitalization and enterprise risk management at Zurich US, A.M. Best said.
"Additional positive factors include the enhanced profile of the group as one the top five writers of property and casualty insurance in the United States, giving it market leadership in many of its key product lines and territories," A.M. Best said.
The Zurich Insurance Group is the third largest writer of homeowners multiperil, fifth largest writer of both private passenger automobile and commercial multiperil insurance in the U.S., according to Highline Data, a part of Summit Business Media, which also owns National Underwriter.
Zurich Financial Services Group said it earned $751 million during the third quarter. Results were affected by a $295 million charge Zurich took related to a legal settlement involving its Farmers Group subsidiary.
Zurich's net income of $2.4 billion for the first nine months is down 18 percent compared with last year at this time.
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