On Sept. 21, 2015, Zurich Insurance Co. Ltd. (Zurich) announced that it does not intend to make an offer to acquire RSA Insurance Group PLC. In our view, this reduces uncertainties regarding potential execution risks, an increase in financial leverage, and a temporary drop in capital adequacy. However, due to higher-than-expected claims, we no longer consider that the group's earnings outperform its global multiline insurance peers'. We are therefore affirming our 'AA-' rating on Zurich and its related core subsidiaries. The stable outlook reflects our view that Zurich will maintain its very strong business risk and financial risk profiles. FRANKFURT (Standard&Poor's) Oct. 7, 2015--Standard&Poor's Ratings Services today affirmed its 'AA-' insurer financial strength rating and 'AA-/A-1+'
