AM Best has withdrawn the financial strength rating of B++ (Very Good) of Zurich Specialties London (ZSL) and assigned an NR-3 (Rating Procedure Inapplicable) classification.
AM Best said it has also withdrawn the issuer credit rating (ICR) of “bbb” of ZSL.
The ratings agency said these rating actions are the result of ZSL's announcement that it is to cease active underwriting of new and renewal business with effect from year-end 2005.
It added that the company's decision to cease underwriting is evidence of a continuing decline in ZSL's business profile.
This decline, together with ZSL's decreased importance to its parent, Zurich Financial Services Group (ZFS), and the ZSL's weak financial performance (which lead to the deterioration of its risk-adjusted capitalisation), were the reasons for the downgrade of company's financial strength rating earlier in 2005.
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