Zurich Financial Services (ZFS) said today that prior year reserves for its North American corporate business has been increased by $1.6bn in the fourth quarter of 2004.
The company said the reserve would cover workers' compensation and liability lines in the US. Most of the additional reserves will be taken at the Zurich US Intercompany Pool (ZUS) level, it said.
In its general insurance segment, ZFS said, it recorded gross written premiums and policy $37.6bn, an increase of 4%, while net earned premiums increased by 11%.
Standard & Poor's (S&P's) has placed the company creditwatch with negative implications.
The ratings agency has also placed its 'A-' long-term counterparty credit rating on the group holding company, Zurich Group Holding, on creditwatch with negative implications.
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.
