A.M. Best Affirms Ratings of ACE European Group Limited.OLDWICK, N.J. -- A.M. Best Co. has affirmed af·firm v. af·firmed, af·firm·ing, af·firms v.tr. 1. To declare positively or firmly; maintain to be true. 2. To support or uphold the validity of; confirm. v.intr. the financial strength rating of A+ (Superior) and issuer credit rating (ICR (Intelligent Character Recognition or Image Character Recognition) The machine recognition of hand-printed characters as well as machine printing that is difficult to recognize. ) of "aa-" of ACE European Group Limited (AEGL AEGL Acute Exposure Guideline Level ) (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 NYSE See: New York Stock Exchange :ACE], which maintains superior risk-adjusted capitalisation. Additionally, AEGL continues to benefit from reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. support from ACE group companies. A.M. Best believes that rate deterioration de·te·ri·o·ra·tion n. The process or condition of becoming worse. 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 Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. 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 www.ambest.com/ratings. The principal methodologies used in determining these ratings, including any additional methodologies and factors, which may have been considered, can be found at www.ambest.com/ratings/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. For more information, visit www.ambest.com. |
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