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, both in our view and under regulatory requirements. Relatively higher exposure than peers to U.S. long-tail lines within the group's property/casualty (P/C) business. The positive outlook on Zurich and its core subsidiaries reflects that we could raise the ratings within the next 12-24 months. We might consider revising the outlook back to stable if, contrary to our expectations, capital adequacy declined sustainably below the 'AA' level, and if at the same time Zurich's differentiating financial and business strengths versus peers diminished. This might result from any unexpected
