ACE Group has announced that Standard & Poor’s (S&P) (Australia) Pty Limited has upgraded the counterparty credit and financial strength rating of its operations in New Zealand, ACE Insurance Limited (New Zealand), from ‘A+’ to ‘AA-’*. S&P’s outlook on the rating is ‘Stable’.
S&P Ratings Services also raised the financial strength and counterparty credit ratings on ACE's core operating insurance companies from 'AA-' to 'AA'**.
ACE Insurance Limited (New Zealand) retains its status as “highly strategically important” to ACE. Under Standard & Poor’s rating methodology, the ratings of “highly strategically important” subsidiaries are one notch below “core operating subsidiaries”.
John French, Country President for ACE in Australia and New Zealand, said, “The important recognition by S&P underscores our track record of strong operating performance, driven by a disciplined approach to underwriting, risk management and overall balance sheet management.
“The rating upgrade also provides another measure of security and confidence to ACE’s customers and business partners in New Zealand.”
The S&P rating scale is available for inspection at every ACE office in New Zealand.
