Fitch raises Ace’s outlook
Global insurer Ace Ltd has received a bump in its ratings outlook.
Fitch Ratings yesterday said it has revised the company’s ratings outlook to ‘positive’ from ‘stable’.
The ratings firm’s actions reflect Ace’s continued strong operating performance, solid balance sheet, financial flexibility, and diverse sources of revenues and earnings.
Partially offsetting the positives is the effect of modestly rising accident-year combined ratios and the effect of continues significant competition in the company’s chosen markets.
Fitch Ratings says it views Ace’s operating performance as “consistently strong characterised by low combine ratios with manageable catastrophe losses and consistent favourable loss reserve development and stable investment income.”
Ace, which is domiciled in Switzerland and has significant operations in Bermuda, has reported a combined ratio under 100 percent for nine consecutive years. The company also reported a net income of $1.6 billion and operating income of $2.4 billion for the end of 2011 down from $3.1 billion and $2.7 billion, respectively, in 2010.
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