The ratings on the various operating entities of Switzerland-based insurance group Zurich Financial Services (collectively ZFS), including the members of the Zurich U.S. Intercompany Pool (ZUS) reflect ZFS' sustained track record of very strong operating performance, ongoing strong and credible management commitment to value creation combined with a successful execution track record, and a positive impetus from a continuously improving enterprise risk-management (ERM) program. Furthermore, the ratings on ZFS continue to reflect the group's very strong competitive position. Partially counterbalancing these strengths are ZFS' significant exposure to volatile industrial line business, which is also suffering from softening market conditions; and the strategic challenge of achieving profitable growth in the saturated European personal line business and in selected new emerging markets.
