S&P upgrades ACE’s core insurance units
Standard & Poor’s has upgraded the financial strength and counterparty credit ratings of ACE Limited’s core operating insurance companies to AA from AA- citing the company’s strong balance sheet and track record of superior operating performance relative to its peers.
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 strategically important subsidiaries to AA- from A+ and the counterparty credit rating on parent company ACE Limited to A+ from A.
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.”
Evan Greenberg, chairman and chief executive of ACE Limited, said: “This important recognition from S&P should provide yet another measure of security and confidence to our customers, business partners and investors.
“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.”
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