International credit rating agency Global Credit Ratings ("GCR") has accorded ACE Insurance Limited South Africa a first time claims paying ability rating of A+ (single A plus).  The rating denotes  a high credit quality, with good protection factors, although risk factors are more variable and greater in periods of economic stress.  We are proud to announce that ACE South Africa received an A+ rating since 2006 through to 2009 from Global Credit Radings.

GCR is the largest rating agency in Africa, with an unrivalled track record for ratings accuracy.  This is evidenced by an investment grade default ration of only 0,9% over the past 10 years, which is far and away the most accurate of any agency operating in emerging markets.

Melanie Brown, Managing Director of GCR, said that the strong rating accorded to the start up company was on the back of the fact that ACE INA Holdings (rated A+ internationally) has provided a letter of comfort, to honour claims legally payable by ACE SA to extent that the company is unable. 

For ratings on individual ACE Group companies please refer to the ACE Group section of www.acelimited.com and choose an individual company.

For current ratings status, outlook and definitions please contact the relevant rating agency through the links listed below or contact ACE at investorrelations@ace.bm . or send an e-mail to the Cheif Financial Officer of ACE South Africa Mr Victor Martindale victor.martindale@acegroup.com

Global Credit Rating               www.globalratings.net

Standard & Poor’s                   www.standardandpoors.com

A.M. Best Company                 www.ambest.com