Amended: Fitch Affirms ACE & ACE Capital Re International Following Announcement.Business Editors
NEW YORK--(BUSINESS WIRE)--Dec. 3, 2003
(This is an amended a·mend
v. a·mend·ed, a·mend·ing, a·mends
1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive.
2. version of a press release dated December 2, 2003, the correct affirmation A solemn and formal declaration of the truth of a statement, such as an Affidavit or the actual or prospective testimony of a witness or a party that takes the place of an oath. An affirmation is also used when a person cannot take an oath because of religious convictions. for the insurer An individual or company who, through a contractual agreement, undertakes to compensate specified losses, liability, or damages incurred by another individual.
An insurer is frequently an insurance company and is also known as an underwriter. financial strength rating for the affiliates of ACE is 'A+')
Fitch Ratings Fitch Ratings
An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. affirms the 'A-/F2' ratings of ACE Ltd. (ACE) following today's announcement that ACE plans to spin off its financial guaranty As a verb, to agree to be responsible for the payment of another's debt or the performance of another's duty, liability, or obligation if that person does not perform as he or she is legally obligated to do; to assume the responsibility of a guarantor; to warrant. insurance subsidiaries via an initial public offering (IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. ). A list of other ACE subsidiaries whose ratings are affirmed af·firm
v. af·firmed, af·firm·ing, af·firms
1. To declare positively or firmly; maintain to be true.
2. To support or uphold the validity of; confirm.
v.intr. in connection with this announcement are listed below. Fitch fitch: see polecat. generally views the transaction as positive for ACE's debt ratings and the ratings of its U.S. property/casualty insurance subsidiaries, depending on the amount of proceeds from the IPO and the manner in which they are deployed.
Fitch expects the transaction to increase ACE's tangible equity and generate cash which may be used to support the company's insurance operations or reduce its financial leverage. The ACE group of companies is one of the world's largest providers of property and casualty 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. . Headquartered in Bermuda, ACE provides a diversified diversified (di·verˑ·s range of products and services to clients in nearly 50 countries around the world.
In connection with this announcement, Fitch also affirms the 'AA' insurer financial strength (IFS) rating of ACE Capital Re International Ltd. (ACRI), one of the two financial guaranty insurance subsidiaries to be involved in the IPO along with ACE Guaranty Corp. (not rated by Fitch). The affirmation of ACRI is based on the expected high credit quality of ACRI's insured portfolio on a going-forward basis, supplemented by sufficient capital to support the existing rating.
Additionally, the 'AA' IFS rating of ACE Capital Title Reinsurance Company (ACTR ACTR American Council of Teachers of Russian
ACTR Association for Canadian Theatre Research
ACTR A Christmas To Remember
ACTR Assistant Contract Technical Representative (NMCI liaison) ) has been placed on Rating Watch Evolving until such time as Fitch has a better understanding of the support to be provided to ACTR in the future.
Entity/Issue/Type Action Rating/Outlook ACE Limited --Long-term rating Affirm 'A-' --Short-term rating Affirm 'F2' --Senior Debt Affirm 'A-' --Commercial Paper Affirm 'F2' --Preferred Stock Affirm 'BBB+' --Rating Outlook Stable. ACE INA Holdings, Inc. --Long-term rating Affirm 'A-' --Short-term rating Affirm 'F2' --Senior debt Affirm 'A-' --Commercial paper Affirm 'F2' --Rating Outlook Stable ACE Capital Trust I --Trust preferred securities Affirm 'BBB+' ACE Capital Trust II --Capital securities Affirm 'BBB+' ACE American Lloyds Insurance Company ACE American Insurance Company ACE Employers Insurance Company ACE Fire Underwriters Insurance Company ACE Indemnity Insurance Company ACE Insurance Company of Illinois ACE Insurance Company of Ohio ACE Insurance Company of Texas ACE Insurance Company of the Midwest ACE Property & Casualty Insurance Co. Allied Insurance Company Atlantic Employers Insurance Company Bankers Standard Fire and Marine Co. Bankers Standard Insurance Company Illinois Union Insurance Company INA Surplus Insurance Company Indemnity Ins. Co. of North America Insurance Company of North America Pacific Employers Insurance Company --Insurer financial strength Affirm 'A+' --Rating Outlook Stable. ACE American Reinsurance Company Century Indemnity Company Century Reinsurance Company --Insurer Financial Strength Affirm 'BB+' --Rating Outlook Negative. ACE Capital Re International Ltd. ACE Capital Re Overseas Ltd. ACE Capital Mortgage Reinsurance Co. --Insurer financial strength Affirm 'AA' --Rating Outlook Stable. ACE Capital Title Reinsurance Co. --Insurer financial strength Rating Watch Evolving 'AA'