ACE Insurance Limited (ACE) in Pakistan has been assigned an initial Insurer Financial Strength rating of ‘A+’ (Single A Plus) by JCR-VIS Credit Rating Company Limited.
Responding to the announcement, Zehra Naqvi Chief Executive of ACE Pakistan said: “We are very pleased with this rating which reflects the strength of the ACE group and its commitment to the Pakistan market.”
ACE has had a presence in Pakistan for nearly 20 years with the principal focus on corporate property, casualty and construction business. The company has recently started writing energy business and can also offer Directors & Officers and Accident & Health cover.
Giles Ward, ACE’s MENA Regional Director said: “ACE Pakistan is backed by both the strong financial assets of the ACE group and specialist technical expertise of our people, enabling us to produce client focused insurance solutions. We are optimistic that our business will continue to develop rapidly and take this opportunity to thank our clients and business partners in Pakistan for their support to date.”
Notes to Editors
ACE
ACE Insurance Pakistan is a wholly-owned subsidiary of ACE INA International Holding Limited (USA). The company is part of the ACE European Group (AEG) which is a highly rated entity internationally, involved in both general and life insurance business. The company has access to the global experience of its parent, enabling it to share risk management systems and technology.
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
JCR-VIS
JCR-VIS Credit Rating Co. Ltd. (JCR-VIS) is approved by Securities & Exchange Commission of Pakistan and State Bank of Pakistan and operates as a “Full Service” rating agency providing independent rating services in Pakistan. JCR-VIS is a joint venture between Japan Credit Rating Agency, Ltd. (JCR) - Japan's premier rating agency, Vital Information Services (Pvt.) Limited (VIS) – Pakistan’s only data bank and financial research organization, Karachi Stock Exchange and Islamabad Stock Exchange.