LONDON--(BUSINESS WIRE)--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 Concurrently, AM Best has withdrawn the Credit Ratings (ratings) as the company has requested to no longer participate in AM Best’s interactive rating process.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.
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