Zurich Financial Services, the loss-making insurer, has fully underwritten its $2.5bn (€2.6bn) rights issue at a minimum price of Sfr65 per share, representing a 52% discount on the firm's closing price of Sfr135 Monday.

Analysts and investors are expecting an offer of two new shares for every three existing shares held. If the issue prices at Sfr65 (€44), it will represent a 40% discount to the theoretical ex-right price (TERP).