Following up its previous announcement (See IJ Website Dec. 5) Standard & Poor’s reaffirmed its mostly single-‘A’-minus ratings on the ACE Group of companies, while A.M. Best affirmed its A+ (Superior) rating for ACE European Markets Reinsurance Ltd. (AEMR).
Both rating agencies cited the Group’s strong capital base, market position and diversified strategy, coupled with an efficient management team as reasons for their confidence in ACE.
A.M. Best noted that AEMR is strongly supported by its parent, ceding between 85 and 90 percent of its gross premiums underwritten to ACE Bermuda, and that it has a separate stop loss agreement on business it retains.
ACE injected an additional $45 million to AEMR’s Capital in September, raising it to $100 million, a level A.M. Best feels is “sufficient to support the company’s expected premium growth between 2001 and 2003.”
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