Competition hots up for Ace
Ace has faced some stiff competition in recent times but has managed to hold its own even in the face of ongoing reserving issues, particularly concerning the Brandywine subsidiary. The pressure is likely to continue over the next 12 month period
In February this year, Standard & Poor's Ratings Services (S&P) removed from CreditWatch and affirmed its 'A+' counterparty credit and financial strength ratings on Ace's active operating insurance companies as well as its 'BBB+' counterparty credit rating on Ace. The outlook on these companies is negative.
At the same time, S&P removed from CreditWatch its counterparty credit and financial strength ratings on Century Indemnity Co. and lowered them to 'CCC+' from 'B+'. The outlook on Century
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