A.M. Best Co. announced that Zurich Financial Services Group’s (ZFS) “A” (Excellent) financial strength rating and that of its core subsidiaries will remain unaffected following the sale of Turegum Insurance Company to a subsidiary of Castlewood Holdings Limited (Bermuda) (See IJ Website Oct.29).
“The principal business of Turegum was London market reinsurance written by its London branch,” Best noted. “The London branch ceased writing new business in 1992 and was subsequently placed into run off. The transaction provides Turegum with defined protection from ZFS against future adverse loss development while allowing ZFS to reduce its asbestos and environmental reserves.”
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