...Strong Global Franchise: Zurich Insurance Group (ZIG) is one of the largest composite insurance groups in Europe, with a strong global brand. The group has a strong presence in many mature European markets and in the US, and targets emerging markets as an area of growth. `Very Strong' Capital Position: The ratings of Zurich Insurance Company Ltd (ZIC), ZIG's primary operating entity, are supported by ZIC's capitalisation, which Fitch Ratings views as more than supportive of its current ratings. ZIG scores `very strong' in the agency's Prism factor-based capital model (Prism FBM) based on end-2013 data. Fitch recognises substantial improvements in capital adequacy since capital dipped during the financial crisis. The Swiss solvency test ratio for 2013 was 217% (2012: 185%). Financial Leverage High: ZIG's financial leverage is high for its rating level. Calculated under Fitch's methodology, it was 24.8% at the end of 2013 (2012: 25.3%). For 2013, the fixed- charge coverage was 9.2x (2012:...
