A.M. Best Co. has downgraded the financial strength rating of Zurich Specialties London Ltd. (ZSL) from A to B++.
ZSL's rating has been removed from under review with negative implications and A.M. Best has assigned an issuer credit rating (ICR) of "bbb" to ZSL, it was announced Friday.
A negative outlook has been assigned on all ratings. The downgrade reflects the diminished importance of ZSL within the Zurich Financial Services Group (ZFS) (Switzerland), A.M. Best said.
It also reflects the company's declining business profile, as evidenced by the continuing reduction in gross written...
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