London, United Kingdom
Fitch Ratings has today assigned CJSC ACE Insurance Company ("ACE Russia") a National IFS rating of 'AA+(rus)'. The Outlook on the IFS rating is Stable.
Responding to the announcement, Andrew Kendrick, Chairman and CEO, ACE European Group (NYSE:ACE), said,
"ACE Russia commenced operations in April 2005 and is already making good progress in the Russian market, with principal focus being on technical lines, construction business and Accident and Health. Russia represents one of a number of exciting new opportunities for ACE in Europe as we continue our geographical expansion. The Russian economy is powering ahead, driven predominantly by exports of energy and other natural resources and there is undoubtedly significant future potential. ACE's commitment to the Russian market was further reinforced by the decision earlier in 2006 to acquire a 15% shareholding in the specialist reinsurer Russian Re. Today's announcement by Fitch is good news for both ACE Russia and its customers."
ACE
Established in 2004, ACE Russia is a wholly owned subsidiary of ACE European Markets Insurance Ltd. The Russian company is headquartered in Moscow and commenced operations in April 2005. Principal business lines are: property, casualty, marine/ cargo, technical lines (contractors' and erection all risks and boiler and machinery risks), accident & health, financial lines and energy. Further information on ACE Russia can be found at www.aceinsurance.ru
ACE European Group has established branch offices in 16 countries across Europe, Freedom of Services permission to provide insurance services to clients in 27 EEA countries and affiliates in Egypt, Bahrain and Pakistan.
ACE European Group comprises the operations of ACE Europe, ACE Global Markets and ACE Tempest Re Group. ACE Europe provides a range of tailored Property and Casualty, Accident and Health and Personal Lines solutions for a diverse range of clients. ACE Global Markets (AGM) is ACE's specialty international business, underwriting through ACE's Lloyd's Syndicate 2488 and ACE European Group Limited. Specialty lines include excess and surplus lines business, Marine, Aviation, Energy and Political Risk as well as Property, Financial Lines and Accident and Health. Additional information on ACE European Group can be found at www.aceeuropeangroup.com.
The ACE Group of Companies is a global leader in insurance and reinsurance serving a diverse group of clients. Headed by ACE Limited (NYSE:ACE), a component of the Standard & Poor's 500 stock index, the ACE Group conducts its business on a worldwide basis with operating subsidiaries in more than 50 countries. Additional information can be found at: www.acelimited.com
CONTACT: ACE European Group Miles Russell Communications Director + 44 (0) 20 7173 7578 miles.russell@ace-ina.com
CONTACT: ACE European Group Miles Russell Communications Director + 44 (0) 20 7173 7578 miles.russell@ace-ina.com , ,
Source: Business Wire (Business Wire India)