Standard & Poor's has placed Zurich Specialities London's A long-term counterparty credit and insurer financial strength ratings on CreditWatch with negative implications.
Standard & Poor's credit analyst Paul Oates said: "The action follows significant prior-year reserve strengthening, which has been included in the company's third-quarter results."
The ratings service said it expected to resolve the CreditWatch placement by the end of the first quarter of 2004, once it had had the opportunity to conduct a detailed analysis of the reserve increase as well as further discussions of the implications of the increase with Zurich Specialities London's management.
