OVERVIEW Zurich Insurance Co. Ltd. (ZIC) is proposing to issue $500 million undated reset capital notes, which will be repackaged as secured notes by Cloverie PLC. We are assigning our 'A' long-term debt rating to ZIC's notes, which will be subordinated to senior creditors. We understand that ZIC issued the subordinated notes for general corporate purposes and to refinance merger and acquisition transactions that have already been announced. LONDON (Standard&Poor's) Jan. 13, 2012--Standard&Poor's Ratings Services said today that it assigned its 'A' long-term debt rating to the proposed $500 million undated reset capital notes to be issued by Switzerland-based insurer Zurich Insurance Co. Ltd. (ZIC; AA-/Stable/A-1+). The notes will be issued under ZIC's $18 billion euro
