A M Best has announced its decision to upgrade the financial strength rating of ACE European Group Limited to A+ (Superior) from A (Excellent) with the outlook for the rating at stable.
Responding to the announcement, Andrew Kendrick, Chairman and CEO, ACE European Group, said,
"We are delighted with this vote of confidence in ACE European Group Limited (AEGL). Since the re-authorisation of this company with the UK Financial Services Authority in 2003 and the transfer of business from ACE Insurance S.A.-N.V. in 2005, AEGL is now writing gross annual premium in the order of £2 billion. The size and profile of the company and its financial strength and performance have given rise to this rating upgrade. AEGL now carries an S&P rating of A+ and the A M Best rating of A+.”
“ACE European Group Limited has grown to become one of Europe’s leading insurance and reinsurance players, with branch operations in 16 European countries and Freedom of Services permission to provide insurance services to clients in 27 EEA countries. We are continuously looking for new opportunities, with further expansion in Hungary and the Czech Republic in 2007. As we continue to expand geographically and to diversify our product portfolio to encompass new and emerging risks such as environmental and cyber liability, our customers can be confident that they are doing business with a stable and reliable partner. The AM Best decision is good news for both ACE and its customers.”