A.M. Best Assigns Debt Rating to Subordinated Notes Issued by Zurich Insurance Company Ltd and Repackaged Through Cloverie plc

OLDWICK, N.J.--(Business Wire)--
A.M. Best Co. has assigned a debt rating of "a-" to the EUR 425 million 7.50%
fixed to floating notes issued by Cloverie plc and secured over the EUR 425
million dated subordinated notes issued by Zurich Insurance Company Ltd (ZIC)
(Switzerland) under its USD 10 billion Euro Medium Term Note (EMTN) programme.

The Cloverie notes are fully secured by ZIC, bear an initial interest rate of
7.50% payable annually in arrears and are callable on and after 24 July 2019.
Following the call date, the notes will have an interest rate of 585 basis
points above EURIBOR 3 months, payable quarterly in arrears. The notes have a
scheduled maturity date of 24 July 2039. The Cloverie notes are a repackaging of
ZIC`s EUR 425 million dated subordinated notes with the same terms and
conditions.

On July 9, 2009, Zurich Financial Services Group announced a cash tender offer
for certain outstanding preferred securities up to an amount of USD 728 million
aggregate principal. The proceeds of the subordinated notes will largely
neutralize the effect of the cash tender offer on Zurich Financial Services
Group`s capital position.

Financial and debt leverage ratios for Zurich Financial Services group remain
within A.M. Best tolerance levels.

For Best`s Credit Ratings, an overview of the rating process and rating
methodologies, please visit www.ambest.com/ratings.

The principal methodologies used in determining these ratings, including any
additional methodologies and factors that may have been considered, can be found
at www.ambest.com/ratings/methodology.

Founded in 1899, A.M. Best Company is a global full-service credit rating
organization dedicated to serving the financial and health care service
industries, including insurance companies, banks, hospitals and health care
system providers. For more information, visit www.ambest.com.

A.M. Best Co.
Analysts:
Fabien Duprez, +(44) 20 7626 6264
fabien.duprez@ambest.com
or
Deniese Imoukhuede, +(44) 20 7626 6264
deniese.imoukhuede@ambest.com
or
Public Relations:
Jim Peavy, +(1) 908 439 2200, ext. 5644
james.peavy@ambest.com
or
Rachelle Morrow, +(1) 908 439 2200, ext. 5378
rachelle.morrow@ambest.com

Copyright Business Wire 2009