FRANKFURT (S&P Global Ratings) Oct. 14, 2022--S&P Global Ratings today partially removed the intermediate equity content on the €1 billion junior subordinated notes issued by Zurich Insurance Co. Ltd. (ZIC) in 2013. The long-term issue rating remains 'A+'. On Oct. 14, 2022, the results of a tender offer were announced in connection with which ZIC will buy back €500 million of the outstanding principal amount of the 2013 hybrid. The hybrid received intermediate equity content in our capital analysis of ZIC. We understand that ZIC will finance the repurchase using the remaining proceeds from its August 2022, £1.0 billion hybrid debt issue. It also used this issuance to finance its October 2022 hybrid maturities of £450 million. In our analysis,
