Standard & Poor's (S&P), the international ratings agency, has downgraded Zurich Financial Services Group (ZFS) to AA and placed it on CreditWatch with negative implications.
S&P said the main reasons for the downgrade were ZFS's exposure to the World Trade Center terrorist attacks, which heightened concerns about the group's capital adaquacy, and the impact of lower equity values on the group's equity portfolio.
The ratings agency added that the negative outlook "was an indication of disappointing earnings performance and somewhat reduced financial flexibility."
But it said it did not expect ZFS's rating to drop below the AA (very strong) category.
The 2025 Insurance Times Awards took place on the evening of Wednesday 3rd December in the iconic Great Room of London’s Grosvenor House.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Many congratulations to all the worthy winners and as always, huge thanks to our sponsors for their support and our judges for their expertise.
