In the diagram above, the financial strength rating applies to Zurich Insurance Co. Ltd. Global diversification over a broad range of insurance business lines, including some top market positions. Well-supported earnings diversification, which is further supported by fee income from Farmers Management Services (Farmers). Very well capitalized in our view and under regulatory requirements. Operating performance in line with the average of its global multiline insurance (GMI) peer group. Relatively higher exposure within the group's property/casualty (P/C) insurance business to U.S. long-tail lines than peers'. S&P Global Ratings' issuer credit and financial strength ratings on Zurich Insurance Co. Ltd. (Zurich) reflect its global diversification, its solid operating performance, its sound earnings diversification supported by Farmers, and its risk-based capital adequacy
