FRANKFURT (Standard&Poor's) March 18, 2016--Standard&Poor's Ratings Services today assigned its 'A' long-term issue rating to the U.S. dollar-denominated junior subordinated notes proposed by Switzerland-based global multiline insurance group Zurich Insurance Co. Ltd. (ZIC; AA-/Stable/A-1+) under its $18 billion European Medium-Term Note program. We rate the notes two notches below the long-term counterparty credit rating on the issuer, ZIC (see " Criteria Clarification On Hybrid Capital Step-Ups, Call Options, And Replacement Provisions ," published Oct. 22, 2012, on RatingsDirect). The notes will be purchased by special-purpose-vehicle Cloverie Public Limited Company, which will simultaneously issue repackaged notes that are collateralized by ZIC's junior subordinated notes. The ratings are based on our understanding that the noteholders will be subordinated
