Extremely strong competitive position, on back of broad segmental and geographic diversity in revenues and profits. Favorable risk return profile from Farmers Management Services (Farmers) operations supporting Zurich Insurance Co. Ltd.'s (ZIC's) competitive position. Intermediate insurance industry and country risk, reflecting globally diverse portfolio. Very strong capital and earnings on the basis of our expectation of continued strong earnings generation in 2014-2016 comparing well with global multiline peers. Following our review of ZIC's economic capital model, we factor in quantitative credit in our overall assessment of the group's very strong capital adequacy. Our analysis of ZIC's reserves supports our assumption that non-life long-tail lines reserves are adequate. Strong financial flexibility based on proven access to global capital market. Strong enterprise
