Major and sustained improvements in operating performance to a very strong level Strong management and credible corporate strategy Strong enterprise risk management Very strong competitive position Capitalization below that commensurate with the current rating level High exposure to volatile industrial line business Strategic challenge to achieve profitable growth 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 the better-than-expected major and sustained improvement in ZFS' operating performance, 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 program. Furthermore, the ratings on ZFS continue to reflect the
