Very strong competitive position, Strong operating performance, and Underwriting rigor. The ratings on the various operating entities of Switzerland-based composite insurance group Zurich Financial Services or ZFS (see Table 6) reflect its very strong competitive position and strong operating performance. Additional rating factors include significantly strengthened underwriting controls and further improved capitalization. ZFS is a premier provider of general insurance, with market-shaping positions in its three main markets: the U.S., the U.K., and Continental Europe. The combination of critical mass, excellent diversification by geographical area and business line, and vastly improved underwriting controls provides ZFS with a very strong competitive edge in terms of cost efficiency. ZFS also maintains leading positions in key life insurance markets, but its business proposition
