LONDON--(BUSINESS WIRE)--A M Best has announced its decision to upgrade the financial strength rating of ACE European Group Limited to A+ (Superior) from A (Excellent) with the outlook for the rating at stable.
Responding to the announcement, Andrew Kendrick, Chairman and CEO, ACE European Group, said,
"We are delighted with this vote of confidence in ACE European Group Limited (AEGL). Since the re-authorisation of this company with the UK Financial Services Authority in 2003 and the transfer of business from ACE Insurance S.A.-N.V. in 2005, AEGL is now writing gross annual premium in the order of £2 billion. The size and profile of the company and its financial strength and performance have given rise to this rating upgrade. AEGL now carries an S&P rating of A+ and the A M Best rating of A+.”
“ACE European Group Limited has grown to become one of Europe’s leading insurance and reinsurance players, with branch operations in 16 European countries and Freedom of Services permission to provide insurance services to clients in 27 EEA countries. We are continuously looking for new opportunities, with further expansion in Hungary and the Czech Republic in 2007. As we continue to expand geographically and to diversify our product portfolio to encompass new and emerging risks such as environmental and cyber liability, our customers can be confident that they are doing business with a stable and reliable partner. The AM Best decision is good news for both ACE and its customers.”
ACE European Group has established branch offices in 16 countries across Europe, Freedom of Services permission to provide insurance services to clients in 27 EEA countries and affiliates in Egypt, Bahrain, Pakistan and Russia.
ACE European Group comprises the operations of ACE Europe, ACE Global Markets and ACE Tempest Re Group. ACE Europe provides a range of tailored Property and Casualty, Accident and Health and Personal Lines solutions for a diverse range of clients. ACE Global Markets (AGM) is ACE’s specialty international business, underwriting through ACE’s Lloyd’s Syndicate 2488 and ACE European Group Limited. Specialty lines include excess and surplus lines business, Marine, Aviation, Energy and Political Risk as well as Property, Financial Lines and Accident and Health. Additional information on ACE European Group can be found atwww.aceeuropeangroup.com.
The ACE Group of Companies is a global leader in insurance and reinsurance serving a diverse group of clients. Headed by ACE Limited (NYSE: ACE), a component of the Standard & Poor’s 500 stock index, the ACE Group conducts its business on a worldwide basis with operating subsidiaries in more than 50 countries. Additional information can be found at: www.acelimited.com