Global Credit Ratings maintains Zurich South Africa’s AA- rating

Dear Business Partner, 

I am pleased to announce that Global Credit Ratings (GRC) have confirmed that the national scale claims paying ability rating assigned to Zurich South Africa remains at AA-. This affirms our position in-market, and demonstrates that we are well-positioned for continued growth and profitability. 

The credit rating was based on our solid capital structures as well as the strong liquidity of our business; enhancing our ability to pay out claims. 

As you know, we are reaching the close of the Fairfax transaction, subject to regulatory and Competition Commission approvals. Consequently, and as expected, Zurich South Africa’s rating has been placed on ‘Rating Watch’, with a note for it to be reviewed upon completion of the deal.

I would like to take this opportunity to highlight how well we are positioned in terms of our ongoing business strategy. Our business is on track to further strengthen its financial profile. Furthermore, the turnaround in our underwriting profitability is on course and we believe that drawing on the support of a renowned international player with a strong balance sheet and global expertise, will see us scale even greater heights. 

As always, we are committed to mutual success and value-add; implementing strategies and processes that not only benefit our business but yours as well. Thank you for your continued support during this process – we look forward to what lies ahead for us, and you as our broker partners. 

Kind regards 

Edwyn O’Neill\
Chief Executive Officer
Zurich South Africa