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ACE Limited counterparty credit rating upgraded to ‘A+’
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S&P cites “ACE's strong balance sheet and track record of superior
operating performance”
ZURICH--(BUSINESS WIRE)--
ACE Limited (NYSE: ACE) announced that Standard & Poor's Ratings
Services (S&P) has upgraded the financial strength and counterparty
credit ratings on the company’s core operating insurance companies to
'AA' from 'AA-'. The new rating applies to ACE’s core North America,
Europe and Bermuda operating companies. S&P also raised the financial
strength and counterparty credit ratings on ACE’s other “highly
strategically important” subsidiaries to 'AA-' from 'A+' and the
counterparty credit rating on parent company ACE Limited to ‘A+’ from
‘A’. S&P’s rating outlook for all of these companies is “Stable.”
In upgrading the ratings on ACE Limited and its core operating
subsidiaries, S&P noted that “ACE’s strong balance sheet and track
record of superior operating performance relative to similarly rated
peers should protect the company against capital and earnings
volatility.” The ratings agency also pointed to the company’s “strong
enterprise risk management (ERM) capabilities” and commented, “ACE’s
diversified platform has contributed to the group’s lower earnings
volatility than many of its peers in recent years.”
“This important recognition from S&P should provide yet another measure
of security and confidence to our customers, business partners and
investors,” said Evan G. Greenberg, Chairman and Chief Executive Officer
of ACE Limited. “We are gratified that S&P acknowledged our track record
of superior operating performance, which is driven by 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 Limited