Issue Shares, which would be rounded down to the nearest whole number i.
The ratings reflect ZFS' strong risk-adjusted capitalisation
, in addition to its excellent earnings and business positions in Europe and the United States.
Best believes that Winterthur Group's capitalisation
will continue to recover at a slower pace than in prior years when the group's capitalisation
benefited from its divestments, restrained premium growth and retained profits.
Best believes that Steamship London's risk-adjusted capitalisation
is likely to improve as absolute capitalisation
increases through the retention of surplus and underwriting risk stabilises as the business matures (Steamship London recommenced underwriting in 2003).
Best believes that Prudential's consolidated risk-adjusted capitalisation
is deteriorating due to the increased volumes of high-risk equity-backed products but will stabilise to levels commensurate with the current rating.
will remain strong as the moderate consolidated premium growth is compensated by increases in retained earnings and increases in soft capital elements.