S&P Raises ACE’s Financial Strength Ratings to 'AA-'
Standard & Poor’s (S&P) has upgraded the financial strength ratings for ACE’s core operating insurance companies to “AA-” (Very Strong). The new rating applies to ACE’s core North America, Europe and Bermuda operating companies, which together account for more than 75% of the company’s business globally, based on net premiums written. S&P’s rating outlook for these companies is “Stable.” See S&P’s news release.
In upgrading the financial strength rating, S&P cited ACE’s “very strong and consistent operating performance, very strong competitive position, positive management and corporate strategy, and very strong and improved capital adequacy.” In its announcement, S&P said ACE’s “top managers are actively involved in the operations of the business, backed by a strong staff with significant depth and breadth” and also noted that the ratings reflect the company’s “strong enterprise risk management practices.”
In addition, S&P upgraded the issuer credit (senior debt) rating of ACE Limited, the ACE Group’s Switzerland-based holding company, to “A,” citing the company's “very strong liquidity and improved financial flexibility.”
