|
|
 |
|
Viewing report
|
|
|
|
ACE Group
Standard & Poors, June 2003
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
Abstract
The insurer financial strength ratings on the members of the ACE Group (ACE; see table 5) are based on the following: Strong diversified earnings. ACE's earnings are derived from four (re)insurance segments that have averaged a 12.2% GAAP ROR, and 99.3% GAAP combined ratio, in the past five years. Conservative underwriting results and opportunistic premium have offset flat investment income, but might be affected by inherited risks from past acquisitions. Strong capital adequacy. In 2002, ACE's pro forma consolidated capital adequacy ratio (CAR) (excluding its structured rated entities) is considered strong at 155% (including its $575 million perpetual preferred issuance) and should allow the group to maintain pace in the global (re)insurance market need for financial strength and capacity in...
Companies mentioned in this report are: ACE Property & Casualty Insurance Co.,Assured Guaranty Corp,ACE Ltd.,ACE Financial Services Inc.,Century Indemnity Co.,Assured Guaranty Mortgage Insurance Company,Assured Guaranty Re Overseas Ltd.,ACE Capital Title Reinsurance Co.,Assured Guaranty Re Ltd.,ACE Insurance ,ACE Insurance Ltd. (Australia)
Action: Review
|
|
|
|
