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A.M. Best Affirms Ratings of ACE European Group Limited
LONDON,
MARCH 20, 2009
OLDWICK, N.J., MARCH 20, 2009
A.M. Best Co . has affirmed the financial strength rating of A+ (Superior) and issuer credit rating (ICR) of "aa-" of ACE
European Group Limited (AEGL) (United Kingdom). The outlook for both ratings remains stable.
A.M. Best expects AEGL to maintain strong risk-adjusted capitalisation despite the impact of a significant anticipated
investment loss at year-end 2008, after taking into account net unrealised losses. A.M. Best anticipates continued support
from AEGL's parent company, ACE Limited (ACE) (Zurich) [NYSE:ACE], which maintains superior risk-adjusted
capitalisation. Additionally, AEGL continues to benefit from reinsurance support from ACE group companies.
A.M. Best believes that rate deterioration in 2008 is likely to lead to an increase in AEGL's combined ratio from 96% in
2007. The company is expected to benefit from some improvement in rating conditions in 2009, particularly for its
catastrophe exposed lines of business.
AEGL occupies a strong position in the UK and European insurance markets and continues to develop its profile for
emerging market business. The company's underwriting is well diversified geographically and by account type, with
business written through three well established brands (ACE Europe, ACE Global Markets and ACE Tempest Re Europe).
For Best's Credit Ratings, an overview of the rating process and rating methodologies, please visit Best's Ratings &
Analysis.
The principal methodologies used in determining these ratings, including any additional methodologies and factors, which
may have been considered, can be found at Best's Credit Rating Methodology.
Founded in 1899, A.M. Best Company is a global full-service credit rating organization dedicated to serving the
financial and health care service industries, including insurance companies, banks, hospitals and health care
system providers .
View a list of companies related to this press release. The list will include Best's Ratings along with links to additional
company specific information including related news and reports.
Contact Information
CONTACTS:
Analyst(s)
Stephen Mullan
+(44) 20 7626 6264
stephen.mullan@ambest.com
Deniese Imoukhuede
+(44) 20 7626 6264
deniese.imoukhuede@ambest.com
Public Relations
Jim Peavy
+(1) 908 439 2200, ext. 5644
james.peavy@ambest.com
Rachelle Morrow
+(1) 908 439 2200, ext. 5378
rachelle.morrow@ambest.com
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