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).
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.