LONDON--(BUSINESS WIRE)--
ACE Group today announced that A.M. Best has upgraded the financial
strength rating of its subsidiary ACE European Group Limited, comprising
the company’s core Europe-based operations, to “A++” (Superior).
In a statement announcing the upgraded financial strength rating, A.M.
Best highlighted ACE European Group Limited’s “excellent stand-alone
risk-adjusted capitalisation, consistently strong operating performance
and excellent business profile” as well as its strategic importance
within the wider ACE Group and the support provided by its parent
company, ACE Limited.
Commenting on the drivers behind the positive rating action, A.M. Best
said that ACE European Group Limited benefited from “ACE group
management’s consistent focus on underwriting profitability, through
effective risk selection, and on maintenance of pricing standards,
appropriate policy limits and exposure to catastrophes” and referenced
its “excellent business profile in its core UK and continental European
markets, as an underwriter of a well-diversified portfolio of
property/casualty, accident and health and specialty personal lines
insurance.”
Andrew Kendrick, President, ACE European Group, said:
“It is satisfying to have our market leadership in Europe, our
commitment to underwriting discipline and the diversity of our product
offering recognised through this rating upgrade by A.M. Best.
“Against a challenging economic backdrop and competitive insurance
market conditions in much of Europe, this brings our distribution
partners and customers further confidence in ACE’s strong financial,
operational and market position.”
A.M. Best’s announcement follows its earlier rating action in April 2014
to upgrade the financial strength of ACE’s core North American property
and casualty insurance and reinsurance companies rating to “A++”
(Superior).
ENDS
About ACE:
ACE Group is one of the world’s largest multiline property and casualty
insurers. With operations in 54 countries, ACE provides commercial and
personal property and casualty insurance, personal accident and
supplemental health insurance, reinsurance and life insurance to a
diverse group of clients. ACE Limited, the parent company of the ACE
Group, is listed on the New York Stock Exchange (NYSE: ACE) and is a
component of the S&P 500 index.
Visit www.acegroup.com/eu
Source: ACE