NEW YORK--(BUSINESS WIRE)--
ACE Group today announced that A.M. Best has upgraded the financial
strength rating to “A++” (Superior) for ACE’s core North American
property and casualty insurance and reinsurance companies. These
companies include ACE USA, ACE Westchester, ACE Canada, ACE Bermuda and
ACE Tempest Re Group.
In upgrading the financial strength rating, A.M. Best cited ACE’s
“strong risk-adjusted capitalization, diversified global operation
enhanced by prudent acquisitions over the past few years and the
historically favorable record of generating strong earnings and cash
flows.” In its announcement, A.M. Best said “the positive rating factors
are derived from management’s experience and consistent focus on
underwriting profitability generated by effective risk selection and
pricing standards” and noted “ACE’s strong enterprise risk management
program relies on close collaboration of executives and operating
departments to identify, assess and control enterprise risk and
accumulations.”
“We’re pleased to earn this important recognition from A.M. Best and
believe these rating upgrades provide an added measure of security and
confidence to our customers, business partners and investors,” said Evan
G. Greenberg, ACE Group Chairman and Chief Executive Officer. “Our
financial strength and consistent operating performance are the result
of a conservative approach to underwriting, investing, risk management
and overall balance sheet management.”
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 ACE Group,
is listed on the New York Stock Exchange (NYSE:ACE) and is a component
of the S&P 500 index. Additional information can be found at: www.acegroup.com.
Source: ACE Group