Zurich Financial Services' financial strength ratings remain unchanged after it announced third quarter earnings in line with AM Best's expectations—of $1.4bn (an improvement of $4.2bn year-on-year) and a reduced consolidated combined ratio of 98.2% (114.8% over the same period in 2002). The outlook remains positive.
AM. Best continues to be concerned about the weak performance of Bermuda-based Centre Solutions. Centre's reserves were strengthened $354m before tax at third quarter 2003. ZFS does not anticipate further adverse development, but AM Best will continue to closely monitor Centre's reserve position.
