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ACE Ltd.
Standard & Poors, April 2005
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
Strong global presence in 50 countries and diversification by product line and sector. Operating performance is strong. Strong financial flexibility. Pricing strategy through more competitive rates. Investigations by various attorneys general. High amount of recoverables and modest level of accident-year reserve bookings. The counterparty credit rating on ACE Ltd. (ACE) reflects its operating insurance companies' collective competitive position as a global and diversified property/casualty group and their strong financial flexibility and operating performance. ACE's capitalization is viewed as strong. With the incorporation of Standard & Poor's Ratings Services' $700 million net after-tax reserve charge (related to the runoff operations of Brandywine Holdings; not rated), however, the capital adequacy ratio (CAR) was about 140% at year-end 2004, which is less than...
Companies mentioned in this report are: ACE Ltd.,Insurance Co. of North America,ACE Property & Casualty Insurance Co.,Westchester Fire Insurance Co.,ACE Indemnity Insurance Co.,Allied Insurance Co.,Atlantic Employers Insurance Co.,Bankers Standard Fire & Marine Co.,Bankers Standard Insurance Co.,Illinois Union Insurance Co.,ACE Employers Insurance Co.,ACE American Insurance Co.,Pacific Employers Insurance Co.,ACE Fire Underwriters Insurance Co.,ACE Insurance Co. of the Midwest,ACE Insurance Co. of Texas,ACE Insurance Co. of Illinois,ACE Insurance Co. of Ohio,Westchester Surplus Lines Insurance Co.,Century Indemnity Co.,ACE American Lloyd's Insurance Co.,Indemnity Insurance Co. of North America,INA Surplus Insurance Co.,Assured Guaranty Mortgage Insurance Company,Assured Guaranty Re Overseas Ltd.,ACE Tempest Reinsurance Ltd.,ACE Bermuda Insurance Ltd.,Corporate Officers and Directors Assurance Ltd.,ACE INA Insurance ,ACE European Group Ltd.,ACE Bermuda International Insurance (Ireland) Ltd.,ACE Bermuda International Reinsurance (Ireland) Ltd.,Assured Guaranty Re Ltd.,ACE Tempest Life Reinsurance Ltd.,ACE Insurance ,ACE Insurance Ltd. (Australia),ACE Capital Trust III,ACE Capital Trust IV,ACE Insurance Ltd. (New Zealand)
Action: Review
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