Moody's upgraded the financial strength and debt ratings of the Zurich Insurance Company to "A1," its senior debt rating to "A3″ and its subordinated debt rating to "Baa1." The outlook on all ratings is stable.
Moody's said the financial strength upgrade, announced Wednesday, reflected the strong profitability of Zurich Financial Services in 2004 and profitability in the first nine months of 2005, along with the successful repositioning of its core business units.
In addition, the group realized a major improvement in its reserving position following a reserving action in North America in the fourth quarter of 2004, as well as continuing success in running off Zurich Capital Markets and Centre companies.
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