A.M. Best Co. announced that it has assigned a financial strength rating of “A” (Excellent) to ACE INA UK Ltd. and at the same time has affirmed the financial strength rating of “A” (Excellent) of ACE Insurance S.A.-N.V. (Belgium). The outlook for both ratings is stable.
“These ratings reflect the companies’ strategic role within the ACE Group, as well as their strong and prospectively stable risk-adjusted capitalisation base,” said Best. “The ratings factor the expected renewal by ACE INA UK of approximately 45 percent of the business previously underwritten via Lloyd’s Syndicate 2488 at year-end 2004 and the planned transfer of all assets and liabilities from ACE Insurance S.A.-N.V. to ACE INA UK, which is scheduled for January 2005.
“Once the transfer of business is executed, ACE Insurance S.A.-N.V. will become a holding company, and all policies formally written by this entity will be fully underwritten by ACE INA UK. ACE INA UK will then represent approximately 15 percent of the total ACE Group gross written premiums.”
Best also indicated that it “expects the ACE INA UK European business profile to strengthen in the medium term.”
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