ZURICH--May 19, 2014--(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.