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Bulletin: Ratings On ACE INA Insurance Co. Unaffected By Higher Losses In The Third Quarter Dec 11
Standard & Poors, Dec 2011
Abstract
TORONTO (Standard & Poor's) Dec. 8, 2011--Standard & Poor's Ratings Services said today that its ratings on ACE INA Insurance Co. (ACE Canada; A+/Stable/--) remain unchanged following third-quarter year-to-date (YTD) results, which are showing higher-than-anticipated losses. Based on the third-quarter YTD Canadian International Financial Reporting Standards results, the combined ratio is 106.4% in 2011 compared with 91.3% for the same period the prior year. The higher-than-expected underwriting losses are primarily due to unusual losses in the company's casualty business, higher-than-expected property catastrophe losses, increase in frequency of large property losses, and adverse impact from the change in claims liabilities discount rates. In our view, this decline in operating performance does not reflect a significant deterioration in the quality of the...
Companies mentioned in this report are: ACE INA Insurance Co.
Action: Bulletin
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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