Ratings actions
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Economic uncertainty, Covid-19 lockdowns and Brexit sway the ratings agency.
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The new Axa XL Reinsurance Limited consolidates the carrier’s reinsurance operations.
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The Nuclear Electric Insurance Limited subsidiary is targeting US E&S and looking to write business from April.
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Upward rate momentum, clearer wordings and market modernisation are partially offset by US casualty and Covid-19 uncertainty, as well as nat cat trends.
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The ratings agency said Zurich Insurance’s financial performance was “sustainably improved” and gave the rating a stable outlook.
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The ratings agency highlighted concerns about the remedial efforts facing the carrier.
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The ratings agency said the rating reflected the carrier’s “very strong” balance sheet.
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The ratings agency says additional standalone cyber products would help clarify the scope of cover.
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The ratings agency says higher general increases may be difficult to justify during the pandemic.
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The move marks a return to AM Best for Sheffield, who was a manager at the ratings agency in the late 1990s
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The new Bermuda venture launched at the beginning of the year as part of the business’s scale-up.
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The Zurich-owned carrier retains a financial strength rating of A2 and a surplus note rating of Baa2.
