A.M. Best Publishes Managing Agent Profile For ACE Global Markets.Business Editors & Insurance Writers OLDWICK, N.J.--(BUSINESS WIRE)--Nov. 29, 2000 A.M. Best Co. has published its Managing Agent Profile for ACE Global Markets, reflecting the market profile, operating performance and financial strength of syndicate Syndicate organized crime unit throughout major cities of the United States. [Am. Hist.: NCE, 2018] See : Gangsterism 2488. A.M. Best's Managing Agent Profiles are comprehensive reports that address the current and near-term near-term adj. Of, for, or involving a short period of time in the near future. success of Lloyd's Lloyd's, London insurance underwriting corporation of many separate syndicates; often called Lloyd's of London. Founded in the late 17th cent. by a group of merchants, shipowners, and insurance brokers at the coffeehouse of Edward Lloyd, the association is now managing agents and their underlying syndicates. ACE Global Markets' syndicate 2488 gains strength through its strategic position within the ACE Group of Companies. ACE Global Markets contributed approximately 16% of ACE's gross premiums written When a non-life insurance company closes a contract to provide insurance against loss, the revenues (premiums) expected to be received over the life of the contract are called gross premiums written. for the year ended 31st December 1999. In addition, ACE will provide approximately 90% of the capital supporting syndicate 2488 in 2001. ACE Limited's GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). accounts as at 31st December 1999 show that ACE Global Markets had a loss ratio of 56.6% and an overall expense ratio of 40.9% resulting in a combined ratio of 97.5%. ACE Global Markets is one of the largest agency groupings under single operational management and syndicate 2488 will be the largest syndicate for the 2001 year of account representing over 6% of Lloyd's 2001 total capacity. Overall, the ACE Global Markets' syndicates have produced a weighted average return of 10.6% on capacity from 1993 to 1997 which compares with the Lloyd's market average profit of 6.2%. The full Managing Agent Profile for ACE Global Markets can be accessed on the A.M. Best's website at: http://www.ambest.com/ratings/aceweb.pdf. The ACE Group of Companies provides insurance and 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. for a diverse group of clients. The ACE Group conducts its business on a global basis with operating subsidiaries An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. in nearly 50 countries. Additional information can be found at www.acelimited.com. A.M. Best Co., established in 1899, is the world's oldest and most authoritative insurance rating and information source. For more information, visit A.M. Best's Web site at www.ambest.com. |
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