A.M. Best Co. has commented that the financial strength rating of A- (Excellent) of Island Heritage Insurance Company Ltd. (Island Heritage) (Cayman Islands) remains unchanged following the recent announcement that ACE Bermuda Insurance Ltd. (ACE Bermuda), a member of the ACE Group (both of Hamilton, Bermuda), acquired a 10% stake in Island Heritage. The rating outlook remains stable.
The ACE Group, a worldwide provider of insurance, reinsurance and financial services, is rated A+ (Superior) by A.M. Best. The group, headed by ACE Limited [NYSE:ACE], wrote $11.5 billion in net written premiums for the year ended Dec. 31, 2004.
A.M. Best believes ACE Bermuda’s investment will enhance Island Heritage’s market profile and credibility. Island Heritage is expected to benefit from its new access to ACE Bermuda’s intellectual capacity and knowledge of insurance and reinsurance markets.
Island Heritage’s rating was affirmed on Jan. 18, 2005, following the infusion of $8 million from existing shareholders to offset catastrophe losses incurred during the 2004 hurricane season.
Established in 1996, Island Heritage focuses on providing property coverage in the Cayman Islands and throughout the Caribbean.
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