Several companies have recently joined the consortium in order to provide much needed cash for the project, however, ZAIC
will have to take out several loans, the largest one being from the European Investment Bank.
Upon completion of the domestication process, the Zurich-American Insurance Group will consist of ZAIC
, along with American Guarantee and Liability Insurance Company, Steadfast Insurance Company, American Zurich Insurance Company, and Zurich American Insurance Company of Illinois.
The rating action follows the execution of a reinsurance assumption and novation agreement in which all of the gross liabilities of the three companies were assumed by Zurich American Insurance Company (ZAIC
) (headquartered in Schaumberg, IL), as if ZAIC
had issued the underlying policies to the three companies' policyholders.
operations of ZFS are led by Zurich American Insurance Company (ZAIC
) (Schaumburg, IL) with 17 domestic property/casualty companies either directly or indirectly reinsuring 100% of their writings with ZAIC